Question

The number of customers that visit a local small business is 41,014 and has been continuously declining at a rate of 1.5% each year. What is the approximate number of customers that visit the business in 19 years?

Answer 1

30776.57

Explanation:

This problem is on exponential decay

we know that the expression for exponential formula is

`y = ab^x.`

where

a = the amount before measuring growth or decay

= 41,014

r = decay rate = 1.5%= 0.015

x = number of time intervals that have passed= 19years

since this problem is on decay we are going to replace "b" with (1-r),

hence the formula becomes

`y = a(1-r)^x.`

`y=41014(1-0.23)^1^9 \\\\y=41014(0.985)^1^9 \\\\y=41014(0.985)^1^9`

`y=41014(0.985)^1^9\\\\y=41014*0.750392\\\\y= 30776.57`

The approximate number of customers that visit the business in 19 years

is 30776.57