Question

The number of customers that visit a local small business is 51,200 and has been continuously declining at a rate of 3.8% each year. What is the approximate number of

customers that visit the business in 14 years?

Answer 1

Final amount of customers =30141.44

Explanation:

Amount of customer remaining

A= p(1-r/n)^(nt)

P= initial amount of customers

R= rate but it's a negative rate

N= number of times

T= number of years

A= final amount of customers

A= p(1-r/n)^(nt)

A= 51200(1-0.038/14)^(14*14)

A= 51200(1-0.0027)^196

A= 51200(0.9973)^196

A= 51200(0.5887)

A= 30141.44