Answered

At Westonci.ca, we make it easy to get the answers you need from a community of informed and experienced contributors. Explore thousands of questions and answers from a knowledgeable community of experts on our user-friendly platform. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.

Since 2005​, the amount of money spent at restaurants in a certain country has increased at a rate of 5​% each year. In 2005​, about ​$290 billion was spent at restaurants. If the trend​ continues, about how much will be spent at restaurants in 2020​? PLEASE HELP ME

Sagot :

samuelonum1

Answer:

About $603

Step-by-step explanation:

Given data

The time interval 2005-2020= 15 years

The principal amount spent= ​$290 billion

The rate= 5%

Let us apply the compound interest formula

A=P(1+r)^t

substitute

A=290(1+0.05)^15

A= 290(1.05)^15

A= 290*2.0789

A= $602.881

Hence about $603 will be spent in 2020

We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.