Answered

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More and more people are purchasing food from farmers' markets. As a consequence, a market researcher predicts that the number of farmers' markets will increase by 5% each year. If there are 7,700 farmers' markets this year, how many will there be in 5 years?

Sagot :

Given:

A market researcher predicts that the number of farmers' markets will increase by 5% each year

There are 7,700 farmers' markets this year

we will the number of farmers' markets after 5 years

So, we will use the following formula:

[tex]A=P\cdot(1+r)^t[/tex]

We will calculate (A) when P = 7700, r = 5% and t = 5

so,

[tex]A=7700\cdot(1+\frac{5}{100})^5=7700\cdot1.05^5=9827.368[/tex]

Rounding to the nearest whole number

so, the answer will be 9827

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