Since 2006, the amount of money spent at restaurants in a certain country has increased at a rate of 6% each year. In 2006, about $420 billion was spent at restaurants. If the trend continues, about how much will be spent at restaurants in 2016?
2 answers
Question:
Since 2006, the amount of money spent at restaurants in a certain country has increased at a rate of 6% each year. In 2006, about $420 billion was spent at restaurants. If the trend continues, about how much will be spent at restaurants in 2016?
Answers
Answer:We conclude that at restaurants in 2016 will be spent 752.16$.Step-by-step explanation:We know that since 2006, the amount of money spent at restaurants in a certain country has increased at a rate of 6% each year. In 2006, about $420 billion was spent at restaurants. We calculate how much will be spent at restaurants in 2016. We use the formula:[tex]\boxed{x=P(1+i)^t}[/tex]where are:[tex]P=420\$\\\\i=6\%=0.06\\\\t=10[/tex]we get[tex]x=P(1+i)^t\\\\x=420\cdot(1+0.06)^{10}\\\\x=420\cdot 1.06^{10}\\\\x=752.16[/tex]We conclude that at restaurants in 2016 will be spent 752.16$.
Step-by-step explanation:Below is an attachment containing the solution.
Similar Solved Questions
1 answer
What is that y intercept? Can someone please explain to me how to do this and how you got the answer.
What is that y intercept? Can someone please explain to me how to do this and how you got the answer....
1 answer
Why are speeches good examples of primary sources?
Why are speeches good examples of primary sources?...
1 answer
A person has two times as many nickels as quarters. if the total face value of these coins is $4.55, how many of each type of coin does this person have?
A person has two times as many nickels as quarters. if the total face value of these coins is $4.55, how many of each type of coin does this person have?...
1 answer
Why dose the federal government monitor and American banks and other financial institutions (a) to protect the government own money from fraud (b) to improve the standard of living (c) to shield money from the damaging effects of economic downturns
why dose the federal government monitor and American banks and other financial institutions (a) to protect the government own money from fraud (b) to improve the standard of living (c) to shield money from the damaging effects of economic downturns...
2 answers
The sin of an angle in a right triangle is equal to the ratio of the length of the side adjacent to the angle divided by the length of the hypotenuse. True or false?
The sin of an angle in a right triangle is equal to the ratio of the length of the side adjacent to the angle divided by the length of the hypotenuse.
True or false?...
1 answer
Very large substances can ____________ the cell by endocytosis. During this process, the plasma membrane surrounds the substance and then fused with the ____________ of the cell and opens into the cell to remove the substance. In the opposite manner, large substances can leave the cell by ____________ . At this stage, the substances will be inside a(n) ____________ . This will fuse with the membrane on the inside and ____________ allowing the substance out of the cell. Ribosomes, composed of pro
Very large substances can ____________ the cell by endocytosis. During this process, the plasma membrane surrounds the substance and then fused with the ____________ of the cell and opens into the cell to remove the substance. In the opposite manner, large substances can leave the cell by __________...
1 answer
The function f(x)= x^2+ 3x- 10. If f(x+5)= x^2+ kx+ 30, what does k equal?
The function f(x)= x^2+ 3x- 10. If f(x+5)= x^2+ kx+ 30, what does k equal?...
1 answer
Help. :) (Thanks) Read the passage (Sentence) and answer the question based on what you read.
Help. :) (Thanks)
Read the passage (Sentence) and answer the question based on what you read....
2 answers
Compare the values of the underlined digits. 34,258 and 47,163 - - The value of 4 in _________ is______ times the value of 4 in ________
Compare the values of the underlined digits.
34,258 and 47,163
- -
The value of 4 in _________ is______ times the value of 4 in ________...
1 answer
A gas station stores its gasoline in a tank under the ground. The tank is a cylinder lying horizontally on its side. (In other words, the tank is not standing vertically on one of its flat ends.) If the radius of the cylinder is 1 meter, its length is 8 meters, and its top is 5 meters under the ground, find the total amount of work needed to pump the gasoline out of the tank. (The density of gasoline is 673 kilograms per cubic meter; use g=9.8 m/s^2
A gas station stores its gasoline in a tank under the ground. The tank is a cylinder lying horizontally on its side. (In other words, the tank is not standing vertically on one of its flat ends.) If the radius of the cylinder is 1 meter, its length is 8 meters, and its top is 5 meters under the grou...
1 answer
Cell phone provider offers a plan that costs $40 per month plus $0.20 per text message sent or received. A comparable plan costs $70 per month but offers unlimited text messaging.
cell phone provider offers a plan that costs $40 per month plus $0.20 per text message sent or received. A comparable plan costs $70 per month but offers unlimited text messaging....
1 answer
What is the volume of a sphere with a radius of 7 centimetres? Use 3.14 for pi. Round your answer to the nearest hundredth. Use the formula provided. V= 1077.02 cm3 1436.03 cm3 1975.43 cm3 11,494.04 cm3
What is the volume of a sphere with a radius of 7 centimetres?
Use 3.14 for pi. Round your answer to the nearest hundredth. Use the formula provided.
V=
1077.02 cm3
1436.03 cm3
1975.43 cm3
11,494.04 cm3...
2 answers
During the American Revolution, women played many roles. Which of these is NOT one of the roles played by women during the Revolutionary War? a. spy b. soldier c.laundry , sewing d. foreign , ambassador
During the American Revolution, women played many roles. Which of these is NOT one of the roles played by women during the Revolutionary War?
a. spy
b. soldier
c.laundry , sewing
d. foreign , ambassador...
2 answers
Which sentence describes the power to tax given to the u.s. congress by the articles of confederation? a.congress could pass a tax with presidential approval. b.3 4 of congress had to agree on passing a tax. c.all of congress had to agree on passing a tax. d.congress could not tax?
Which sentence describes the power to tax given to the u.s. congress by the articles of confederation?
a.congress could pass a tax with presidential approval.
b.3 4 of congress had to agree on passing a tax.
c.all of congress had to agree on passing a tax.
d.congress could not tax?...
1 answer
2 pts Question 2 Determine the type and degree of the following polynomial expression. 9x^4 y^9 type: degree:
2 pts
Question 2
Determine the type and degree of the following polynomial expression.
9x^4 y^9
type:
degree:...
1 answer
Acidic soils cause more rapid weathering and leaching of
Acidic soils cause more rapid weathering and leaching of...
2 answers
I need some help? I don't understand math at all.
I need some help? I don't understand math at all....