Madison is taking over as Chief Marketing Officer at MidWest Graphics. She has pledged to increase sales from their current level of $12,000,000 at a rate of 10% per year until the firm hits sales of $20,000,000 per year
How long will it take Madison to hit the target goal at this rate of increase?
A) 7.67 years
B) 1.53 years
C) 5.36 years
D) At that rate, Madison will never reach the target sales level in her lifetime.
Answer: C
Explanation: C) n = = = 5.36 years
MODE = END
INPUT ? 10 -12,000,000 0 20,000,000
KEY N I/Y PV PMT FV
CPT 5.36
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