Question

The occupancy was 1,260 in your 1,600 room hotel 7 years ago. Your occupancy rate has increased by 2% per year for the past 7 years. What is your current number of rooms occupied?

Answer 1

Answer: 1447

Step-by-step explanation:

Exponential growth equation:

`y=A(1+r)^x` , where A = initial value , r= rate of growth( in decimal) , x=time

As per given , A= 1260, x= 7 years , r=2%= 0.02 [

So,

`y=1260(1+0.02)^7\\\\=1260(1.02)^7\\\\=1260*1.14868566765\approx1447`

Hence, current number of rooms occupied = 1447