Pinnacle Consultants earned a profit of $26,875 during its first year of business, and the company’s annual profit increased by 8% each year for several years. What was the company’s total profit for the first five years? Group of answer choices $36,563.14 $121,101.76 $157,664.90 $39,488.19 $197,153.09

Advanced Engineering Mathematics
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Pinnacle Consultants earned a profit of $26,875 during its first year of business, and the company’s annual profit increased by 8% each year for several years. What was the company’s total profit for the first five years?
Group of answer choices
$36,563.14
$121,101.76
$157,664.90
$39,488.19
$197,153.09
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Step 1

Second year's profit is the sum of the first year's profit and 8% of the first year's profit. 

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