Final answer:
The growth rate of the global cruise industry can be analyzed using exponential growth. The projected number of passengers in the year 2024 can be calculated using the initial population and growth rate. In this case, the projected number of passengers in 2024 is approximately 16.6896 million.
Step-by-step explanation:
The subject of this question is Mathematics. The question asks us to analyze the growth rate of the global cruise industry based on the number of passengers in the year 2004 and assumes that the growth rate of 8% per year will continue. We can use this information to calculate the projected number of passengers in future years.
To calculate the projected number of passengers, we can use the formula for exponential growth: P = P0 * (1 + r)t, where P is the final population, P0 is the initial population, r is the growth rate, and t is the time (in years).
In this case, the initial population in 2004 is 7.6 million passengers and the growth rate is 8% per year. Let's calculate the projected number of passengers in 2024, 20 years from 2004:
-
- Convert the growth rate to a decimal: 8% = 0.08.
-
- Calculate the projected number of passengers: P = 7.6 million * (1 + 0.08)20.
-
- Using a calculator, compute the value of (1 + 0.08)20, which is approximately 2.191.
-
- Multiply the initial population by the growth factor: P = 7.6 million * 2.191 = approximately 16.6896 million.
Therefore, the projected number of passengers in the year 2024 is approximately 16.6896 million.