Apple Computer wants to have $2.1 billion available 5 years from now in order to finance initial production of a device that applies IOT technology for home use. The company expects to set aside uniformly increasing amounts of money each year to meet its goal, starting with $100 million at the end of year 1. How much will the constant increase, G, have to be each year at a rate of return of 18% per year? Try your skill by using the Goal Seek tool to find the required gradient. Start the evaluation with G = $50 million per year.
What will be an ideal response?
Goal Seek template before and result after with solution for G = $115.69 million
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