The management of a national chain of fast-food outlets is selling a 12 year franchise in a certain city. Past experience in similar localities suggests that t years from now the franchise will be...

The management of a national chain of fast-food outlets is selling a 12 year franchise in a certain city. Past experience in similar localities suggests that t years from now the franchise will be generating profit at the rate of f(t)=10,600 dollars per year. If the prevailing annual interest rate remains fixed at 3% compounded continuously, what is the present value of the franchise?

round answer to nearest penny $

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