Question

Since 2004 the amount of money spent at restaurants in a certain country has increased at a rate of 6% each year.in 2004 about 370 billion was spent at restaurants. If the trend continues about how much will be spent at restaurants in 2019

Answer 1

781.21 billion

Explanation:

A = money 2019

P = initial amount 2004, 370 billion

r = interest 6% or 0.06

n = 15 : 2019 minus 2004

A = P(1 + r)^n

A = 370 billion (1 + 0.06)^15

A = 781.21 billion

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