formula for growth rate  TOPIC_SOLVED

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formula for growth rate  TOPIC_SOLVED

Postby santaclaus on Mon Mar 30, 2009 7:23 pm

In the year 2004, a total of 7.9 million passengers took a cruise vacation. The global cruise industry has been growing at apporximately 10% per year for the last decade; assume that this growth rate continures.

a. Write a formula to approximate the number of N, of cruise passengers in millions t years after 2004.
I said N=7.9 (1.10)t

b. How many cruise passengers are predicted in the year 2010? Approximately how many passengers went on a cruise in the year 2000?

Here i wasn't sure, but would it just be N=7.9 (1.10)6 and then for the year 2000, would it be N=7.9)1.10)-4 :?: :confused:
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Postby stapel_eliz on Mon Mar 30, 2009 7:30 pm

santaclaus wrote:In the year 2004, a total of 7.9 million passengers took a cruise vacation. The global cruise industry has been growing at apporximately 10% per year for the last decade; assume that this growth rate continures.

a. Write a formula to approximate the number of N, of cruise passengers in millions t years after 2004.
I said N=7.9 (1.10)t

This looks good. :D

santaclaus wrote:b. How many cruise passengers are predicted in the year 2010? Approximately how many passengers went on a cruise in the year 2000?

Here i wasn't sure, but would it just be N=7.9 (1.10)6 and then for the year 2000, would it be N=7.9)1.10)-4 :?: :confused:

Since 2010 is six years after 2004, yes, you would evaluate at t = 6. And since 2000 is four years before 2004, yes, you would evaluate at t = -4. :wink:
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