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August 17th, 2009, 11:03 AM   #1
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I am new and confused....

Hello to All,
I am new here. I have a math/finance question and I hope I get some answers for them. I had college level knowledge of math but can't even solve a simple problem...it is the old age I guess...

My daughter and her friend are planing to get into a small hotel business. That are asked to write a business plan and they are doing that. Only, they are getting two different values for their calculations, and I can't find their mistakes...

They have to forecast the income from the hotel rooms. There is no problem with the forecasting but with the calculations. These are the questions:

1.) If one month an amount of $ 900.00 collected, and there will be 10% increase every month,what will be the total in 12 months?
2.) ...............................$1020.00........... .................................................. ............................................?

Please help!!!

Thank you.
momoftwo is offline  
 
August 17th, 2009, 12:44 PM   #2
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Re: I am new and confused....

1.)
So in the first month they collect $900. The next month (1.1)*$900=$990. The next month (1.1)^2*$1089...
So after 12 months they have


.2)
Same way we get
Jeranimo is offline  
August 17th, 2009, 01:49 PM   #3
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Re: I am new and confused....

God bless you...thank you showing the steps.

For $900: you get $19,245.86 ; they get $19,292.20..??
For $1,020 they have the same amount, which is $21,811.97
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August 19th, 2009, 04:56 PM   #4
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Re: I am new and confused....

I'm pretty sure my answer is right.
If you could post their calculations, I can perhaps see where it went wrong.
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August 19th, 2009, 06:15 PM   #5
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Re: I am new and confused....

Quote:
Originally Posted by momoftwo
If one month an amount of $ 900.00 collected, and there will be 10% increase every month,what will be the total in 12 months?
Very odd. They expect a 185% increase in less than a year?
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