Answer:
We conclude that at restaurants in 2016 will be spent 752.16$.
Step-by-step explanation:
We know that since 2006, the amount of money spent at restaurants in a certain country has increased at a rate of 6% each year. In 2006, about $420 billion was spent at restaurants.
We calculate how much will be spent at restaurants in 2016.
We use the formula:
[tex]\boxed{x=P(1+i)^t}[/tex]
where are:
[tex]P=420\$\\\\i=6\%=0.06\\\\t=10[/tex]
we get
[tex]x=P(1+i)^t\\\\x=420\cdot(1+0.06)^{10}\\\\x=420\cdot 1.06^{10}\\\\x=752.16[/tex]
We conclude that at restaurants in 2016 will be spent 752.16$.
Step-by-step explanation:
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