Since 2005, the amount of money spent at restaurants in a certain country has increased at a rate of 8% each year, In 2005, about $360

Question

Since 2005, the amount of money spent at restaurants in a certain country has increased at a rate of 8% each year, In 2005, about $360 billion was spent at
restaurants. If the trend continues, about how much will be spent at restaurants in 2017?

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Remi 56 mins 2021-09-12T14:29:14+00:00 1 Answer 0

Answers ( )

    0
    2021-09-12T14:30:21+00:00

    Answer:

    This is an exponential growth problem.

     

    The growth rate is 4% (0.04).

    The time is 10 years (10 years from 2005 to 2015)

     

    A = P(1+i)t

    A = amount spent in 2015

    P = amount spent in 2005

    i = interest rate expressed as a decimal

    t = # years

     

    A = 500(1.04)10

    A = 500(1.480244)

    A = 740.122 ==> 740 billion

    Step-by-step explanation:

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