Last year the income for a business was 2,000,000. This year the income grew 15%. What was the income for the business this year?

1 Answer
Dec 28, 2016

The income in 2010 is 2.3 million

Explanation:

The formula for determining rate of change over time is:

#p/100 = (N - O)/O#

Where #p# is the percentage change (for this problem #15#)

Where #O# is the old value (for this problem #2000000#

Where #N# is the new value (what we are solving for in this problem)

Substituting and solving for #N#:

#15/100 = (N - 2000000)/2000000#

#15/100 = N/2000000 - 2000000/2000000#

#15/100 = N/2000000 - 1#

#15/100 + color(red)(1) = N/2000000 - 1 + color(red)(1)#

#15/100 + (color(red)(1) * color(blue)(100/100)) = N/2000000 - 0#

#15/100 + 100/100 = N/2000000#

#115/100 = n/2000000#

#color(red)(2000000) * 115/100 = color(red)(2000000) * N/2000000#

#230000000/100 = cancel(color(red)(2000000)) * N/color(red)(cancel(color(black)(2000000)))#

#2,300,000 = N#