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the number of customers visiting a local business is 61 874 and has been continuously declining at a rate of 3.5% each year. What is the approximate number of customers in 15 years?
Hello kayy This seems somewhat similar to the other question.
I know i know i can bearly think right now its 2 in the morning can you please help me so i can go to bed
you there @wolf1728
61,874 3.5% decline per year in 15 years = ?? So "growth" is .965 After 1 year = where y = 1 61,874 * .965^y = 59,708 After 15 years, 61,874 * .965^15 = 61,874 * 0.5860163055 36,259 I hope it's right
describe the relationship between compound interest and exponential growth
Wow I thought that was it I'd say they are the same thing
how ? i have to explain ?
Exponential growth is increasing an amount by a specific factor. Example If we have a bacteria colony of 50 that doubles every hour after 1 hour we have 2*50 = 100 after 2 hours 2*2*50 = 200 after 3 hours 2*2*2*50 = 400 Each time the amount increases by a factor of 2 Now for compound interest
Thank you and when you say now for compound interest do you have more ?
Yes The compound interest formula Total = Principal × ( 1 + Rate )^years and more if you want it
Thank you soooo much. I do need a little more help on more questions, ill let you help others then come back to me pleasee and fast.
Okay for compound interest let's say annual interest rate is 5% so every year the amount increases by 1.05
Where are you? I'm in Boston and it is 1:45. Nova Scotia?
Just 3 more questios i need help with after this one
Pleaseeee and thank you
The answer is a) Only 3 more ????? Well you got me
Hold on one second im trying to snip it
describe how the account balance of a savings account earning simple interest is determined
Wow I wasted a lot of time on that one and still DON'T have an answer :-(
Simple Interest - I can do that
Simple Interest is calculated on the principal and never takes the interest into account At 5% simple interest $100 0 years $105 2 years $110 3 years $115 4 years $120 5 years
The attachment above ^^
The answer is 88
Hmmm that is a bit much for me Sorry :-(
Mann okay thats okay can you check 3 of my answers to see if there right & then im going to bed
Hello are you there im super tired
I'm still here sorry for the delay