You estimate that your new business's revenue will grow at a compounded rate of 30% each month for the first 6 months. If your third month's revenue is estimated at $5,000, what is your second month's revenue? (Round to the nearest dollar.)

The second month's revenue is $3846.15

Explanation:

The interest rate at which the revenue grow = 30%

Total months or time periods = 6 months

The revenue of third month’s = $5000

Now we have to find the revenue for the second month.

Let the revenue of second month = x

Now, use the below equation to find the second month’s revenue

x + 30% of x = 5000

x  + 0.3x = 5000

1.3x = 5000

x = 3846.15

Thus, the second month's revenue is $3846.15

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