Transent Foods Announced That Its Current Sales Is $1,233,450 This

Multiple Choice

Transent Foods announced that its current sales is $1,233,450 this year. The company forecasts a growth rate of 16 percent for the foreseeable future. How long will it take the firm to produce earnings of $3 million? (Round off to the nearest year.)

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