Question

The yearly attendance at a local restaurant is 48,300 and grows continuously at a rate of 6.8% each year. What is the approximate attendance at the restaurant in 18 years?

Answer 1

The approximate attendance at the restaurant in 18 years is 103,694.5.

Step-by-step explanation:

To calculate the approximate attendance at the restaurant in 18 years, we can use the formula for exponential growth. The formula is A = P(1+r/n)(n*t), where A is the final amount, P is the initial amount, r is the growth rate, n is the number of times the growth rate is applied per year, and t is the number of years. In this case, P is 48,300, r is 6.8%, n is 1, and t is 18. Plugging these values into the formula, we get A = 48,300(1+0.068/1)⁽¹ˣ¹⁸⁾ = 48,300 * 1.068¹⁸ = 48,300 * 2.145725 = 103,694.5. Therefore, the approximate attendance at the restaurant in 18 years is 103,694.5.