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SmartShop's profits have been growing at 5% per year. This year their profits were approximately $500,000. What were their profits last year?
475000
It is 5%.
To get percent increase divide this year by last and subtract 1. Then multiply by 100. 567/540 = 1.05 1.05 -1 = .05 .05 x 100 = 5%
+5%