Your production manager informs you that currently the firm is producing 1,438 heating units per month but has plans to increase production at a rate of 5% per month until the firm is producing 3,000 units per month.How many months will this take?
A)27.33 months
B)15.07 months
C)14 months
D)There is not enough information to answer this question.

Question

Quizplus · Accepted Answer

To find the number of months required, use the formula for exponential growth: Final amount = Initial amount * (1 + growth rate)^number of periods. Solving 3000 = 1438 * (1.05)^n gives n ≈ 15.07 months.

Your Production Manager Informs You That Currently the Firm Is