Question

A marathon takes place each year.In 2020 there were 6500 runners.Does this predict that in 2023 there will be more than 7500 runners? { Prediction : For each of the next 3 years the number of runners will increase by 5% } Does this predict that in 2023 there will be more than 7500 runners?

Answer 1

yes

there would be 7525 runners

Explanation:

The formula for calculating future value:

FV = P (1 + r) n

FV = Future value

P = Present value

R = interest rate

N = number of years

6500 x (1.05)^3 = 7525 runners