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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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Respuesta :

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:

Cetacea

Answer: 740 billion will be spent at restaurants in 2017.

Given: The growth rate is 4% = 0.04.

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

We will use the formula:

[tex]A = P(1+i)^t[/tex]

  • A = amount spent in 2015 = ?
  • P = amount spent in 2005 = $360 billion
  • i = interest rate expressed as a decimal = 0.04
  • t = The number of years = 10

Using the formula:

[tex]A = 500(1.04)^{10}\\A = 500(1.480244)\\A = 740.122 \\ A=740 \ billion[/tex]

Learn more: https://brainly.com/question/12049968

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