Question
The number of magazine subscriptions increases by 8% each year. If there are 225,000 this year, how many will there be in 5 years from now
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Answered by
GPT-4o mini
To calculate the number of magazine subscriptions in 5 years with an annual increase of 8%, you can use the formula for compound interest:
\[
A = P(1 + r)^n
\]
Where:
- \( A \) is the amount after \( n \) years
- \( P \) is the initial amount (225,000 subscriptions)
- \( r \) is the annual growth rate (8% or 0.08)
- \( n \) is the number of years (5)
Plugging in the values:
\[
A = 225,000(1 + 0.08)^5
\]
\[
A = 225,000(1.08)^5
\]
\[
A = 225,000(1.469328)
\]
\[
A \approx 330,000.6
\]
Rounding to the nearest whole number, there will be approximately **330,001 magazine subscriptions** in 5 years.
\[
A = P(1 + r)^n
\]
Where:
- \( A \) is the amount after \( n \) years
- \( P \) is the initial amount (225,000 subscriptions)
- \( r \) is the annual growth rate (8% or 0.08)
- \( n \) is the number of years (5)
Plugging in the values:
\[
A = 225,000(1 + 0.08)^5
\]
\[
A = 225,000(1.08)^5
\]
\[
A = 225,000(1.469328)
\]
\[
A \approx 330,000.6
\]
Rounding to the nearest whole number, there will be approximately **330,001 magazine subscriptions** in 5 years.
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