Question

The yearly attendance at a local restaurant is 42,400 and grows continuously at a rate of 4.1% each year. What is the approximate attendance at the restaurant in 15 years?

68,476

78,425

44,172

Answer 1

42400(1+0.041)^15 ?? Am I missing something

Answer 2

42400(1+0.041/12)^12*15 ??

Answer 3

^that's right

Answer 4

nope wait

Answer 5

Your first answer was correct. You need not divide the rate by twelve, since we are considering an annual growth, and the time span is also in terms of years.

Answer 6

With the first one I got 77,469, but that was wrong

With the second one I got 78,425, and that's an answer choice

Answer 7

you've calculated second one wrong it's 662572
first one is right

Answer 8

by first one i meant 42400(1+0.041)^15

Answer 9

Ummm, no it's 77,469. I did it like 100 times in my calculator

Answer 10

Plus 66,469 isn't even an answer choice

Answer 11

(1+0.041) = 1.827094216

(42400)(1.827094216) = 77,469

Answer 12

check out http://www.wolframalpha.com/input/?i=42400%281%2B0.041%2F12%29%5E12*15
but this isn't your ans
correct one is http://www.wolframalpha.com/input/?i=42400%281%2B0.041%29%5E15

Answer 13

Oh my god what

Answer 14

@murrcat: The first equation you posted, does in fact give 77,469. And the second one gives 78343. Maybe the options have an answer close to the second one, but the equation is simply wrong.

Answer 15

78,425 is an answer choice

Answer 16

Continuous compounding is expressed by the formula:

\(F = Pe^{rt}\)

where
F = future amount
P = principal amount
r = rate as decimal
t = number of years

Answer 17

!!!!!!!!!!!!!!!! that's the equation I was supposed to use

Answer 18

You can call P the present amount.

Answer 19

Thank you!

Answer 20

wlcm