Franklin Foods announced that its sales were $1,233,450 this year. The company forecasts a growth rate of 16 percent for the foreseeable future. How long will it take the firm to produce earnings of $3 million? (Round off to the nearest year.)

6 years

Explanation:

The computation of the number of years is shown below:

As we know that

Future value = Present value × (1 + interest rate)^number of years  

$3,000,000 = $1,233,450 × (1.16)^n

($3,000,000 ÷ $1,233,450) = (1.16)^n

2.4322 = (1.16)^n

Now take log on both sides

log 2.4322 = n × log 1.16

n = log 2.4322 ÷ log 1.16

= 6 years

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