Time to Attain Goal: Franklin Foods Announced That Its Sales

question 67

Multiple Choice

Time to attain goal: 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 company to produce earnings of $3 million? (Round off to the nearest year.)

• A) 7 years
• B) 6 years
• C) 8 years
• D) 10 years

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