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6 November, 20:56

Since 2006 , the amount of money spent at restaurants in a certain country has increased at a rate of 4 % each year. In 2006 , about $500 billion was spent at restaurants. If the trend continues, about how much will be spent at restaurants in 2016 ?

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  1. 6 November, 20:59
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    For this case we have the following exponential function:

    y = A (b) ^ x

    Where,

    A: initial amount

    b: growth rate

    x: time in years

    Substituting the values we have:

    y = 500 (1.04) ^ 10

    y = 740.1221425

    Rounding:

    y = $ 740 billion

    Answer:

    It will be spent at restaurants $ 740 billion in 2016
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