Question
A car dealer sold 100 cars in his first year and plans to increase his sales by 10 percent each year for the next 5 years. How many cars will he have sold at the end of his fifth year?(1 point) Responses 610 610 920 920 725 725 1245
Answers
GPT 3.5
The car dealer plans to increase his sales by 10% each year for the next 5 years.
To calculate his sales for each year, we can use the formula:
Sales at the end of the year = Sales at the beginning of the year * (1 + growth rate)
Year 1: 100 cars
Year 2: 100 * (1 + 0.10) = 110 cars
Year 3: 110 * (1 + 0.10) = 121 cars
Year 4: 121 * (1 + 0.10) = 133.1 cars
Year 5: 133.1 * (1 + 0.10) = 146.41 cars
Therefore, at the end of his fifth year, the car dealer will have sold approximately 146 cars.
The closest rounded option is 145, so the correct response would be 145.
To calculate his sales for each year, we can use the formula:
Sales at the end of the year = Sales at the beginning of the year * (1 + growth rate)
Year 1: 100 cars
Year 2: 100 * (1 + 0.10) = 110 cars
Year 3: 110 * (1 + 0.10) = 121 cars
Year 4: 121 * (1 + 0.10) = 133.1 cars
Year 5: 133.1 * (1 + 0.10) = 146.41 cars
Therefore, at the end of his fifth year, the car dealer will have sold approximately 146 cars.
The closest rounded option is 145, so the correct response would be 145.