Suppose revenues for a small business are $60,000 this year and will grow 9% per year. Design a spreadsheet to compute revenue in each of the next 10 years. In how many years from now will revenues first exceed $108,000

It would take 7 years from now for the revenues to exceed $108,000.

An exponential function is in the form:

y = abˣ

where b is the multiplier, y, x are variables and a is the initial value.

Let y represent the revenue and x represent the time in years.

Hence, a = $60000, b = 100% + 9% = 109% = 1.09

Hence:

y = 60000(1.09)ˣ

To exceed $108000:

108000 = 60000(1.09)ˣ

1.8 = (1.09)ˣ

xln(1.09) = ln(1.8)

x = 6.82 years

It would take 7 years from now for the revenues to exceed $108,000.

Find out more on exponential function at: link

Seven Years.

Step-by-step explanation:

The Spreadsheet is presented below:

Step 1: Enter Year and revenue in Cells A1 and B1

Step 2: Number A2 to A12 from Year 0 to 10.

Step 3: Enter 60,000 in Cell B2

Step 4: Enter =B2*1.09 in Cell B3

Step 5: Copy and Paste in Cells B4 through B12.

From the Spreadsheet,

The Revenue in seven years from now will first exceed $108,000.

Exactly $109682.35

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step-by-step explanation:

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