Assume a 7-Year Franchise Is Expected to Generate Profit at the Rate

Short Answer

Assume a 7-year franchise is expected to generate profit at the rate of $\sqrt [ 3 ] { t ^ { 2 } + 18,000 }$ dollars per year. If, over the next 7 years, the prevailing annual interest rate remains fixed at 8%, compounded continuously, what is the present value of the franchise? Use Simpson's rule with n = 6 to approximate the integral. Round your answer to two decimal places.