Question

Since 2004, the amount of money spent at restaurants in a certain country has increased at a rate of 7% each year. In 2004, about $360 billion was spent at restaurants. If the trend continues, about how much will be spent at restaurants in 2012?%0D%0A%0D%0A%0D%0A%0D%0AAbout $ %0D%0A%0D%0A billion will be spent at restaurants in 2012 if the trend continues. %0D%0A%0D%0A(Round to the nearest whole number as needed).

Answer 1

this answer is wrong

Answer 2

About $602 billion will be spent at restaurants in 2012 if the trend continues.

Answer 3

I apologize for the mistake in my previous response. Let's calculate the correct amount:

Starting from $360 billion in 2004, with a 7% increase each year, we can calculate the amount spent at restaurants in 2012 as follows:

Amount spent in 2005 = $360 billion + 0.07($360 billion) = $360 billion + $25.2 billion = $385.2 billion
Amount spent in 2006 = $385.2 billion + 0.07($385.2 billion) = $385.2 billion + $26.864 billion = $412.064 billion
Amount spent in 2007 = $412.064 billion + 0.07($412.064 billion) = $412.064 billion + $28.84448 billion = $440.90848 billion
Amount spent in 2008 = $440.90848 billion + 0.07($440.90848 billion) = $440.90848 billion + $30.865598 billion = $471.774078 billion
Amount spent in 2009 = $471.774078 billion + 0.07($471.774078 billion) = $471.774078 billion + $33.02318646 billion = $504.7972645 billion
Amount spent in 2010 = $504.7972645 billion + 0.07($504.7972645 billion) = $504.7972645 billion + $35.334807515 billion = $540.132072 billion
Amount spent in 2011 = $540.132072 billion + 0.07($540.132072 billion) = $540.132072 billion + $37.80924604 billion = $577.9413183 billion
Amount spent in 2012 = $577.9413183 billion + 0.07($577.9413183 billion) = $577.9413183 billion + $40.45588528 billion ≈ $618.3972033 billion

Therefore, about $618 billion will be spent at restaurants in 2012 if the trend continues.