Your father spent all of his adult life working in a small T-shirt making firm.His first year sales were $98,000 and his last year sales were $350,000.If the firm grew at an average rate of 3.35% per year,how many years did your father sell T-shirts at his firm?

Question

Quizplus · Accepted Answer

Let the number of years your father sold T-shirts be n.
We know that his first year sales were $98,000 and his last year sales were $350,000.
The growth rate per year is 3.35%. Therefore, the sales at the end of n years can be given by:
98000 * (1 + 0.0335)^n = 350000
Simplifying this equation, we get:
(1 + 0.0335)^n = 3.5714
Taking logarithm on both sides, we get:
n * log(1 + 0.0335) = log(3.5714)
n = log(3.5714) / log(1 + 0.0335)
n = 38.63 years (approx.)
Therefore, the best choice is C, 38.63 years.

Your Father Spent All of His Adult Life Working in a Small