Brockman Corporation's earnings per share were $3.50 last year, and its growth rate during the prior 5 years was 9.0% per year. If that growth rate were maintained, how many years would it take for Brockman's EPS to triple

12.75 years

Explanation:

Solution

Recall that:

The earnings of Brockman Corporation per share  is =$3.50

The growth rate in 5 years = 9.0%

Now,

We apply this formula which is stated below:

A=P(1+r/100)^n

P = present value

n = period of time

r = the rate of interest

Thus,

(3*3.5)=3.5*(1.09)^n

3=(1.09)^n

By applying long on either side we have the following

log 3=n*log (1.09)

n=log 3/log (1.09)

Approximately, this is equal to =12.75 years

Therefore, it will take Brockman's EPS to triple in 12 .75 years.

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