Sam is planning to start a pool-cleaning business. If Sam meets his profit goal of $45,000 in the first year and expects his annual profits to increase by 5. 5% each year for the next 3 years, how much profit does Sam expect to make in his third year of business?
a. $47,475. 00
b. $50,086. 13
c. $52,840. 86
d. $55,747. 11
