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 $290 billion was spent at restaurants. If the trend continues, about how much will be spent at restaurants in 2018?

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 ​$290 billion was spent at restaurants. If the trend​ continues, about how much will be spent at restaurants in 2018​?

boom boom boy · Answer

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 ​$290 billion was spent at restaurants. If the trend​ continues, about how much will be spent at restaurants in 2018​?

R_scott · Answer

2.9E8 * (1 + .07)^(2018 - 2004)

R_scott · Answer

sorry ... that should be ... 2.9E11 * (1 + .07)^(2018 - 2004)

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 ​$290 billion was spent at restaurants. If the trend​ continues, about how much will be spent at restaurants in 2018​?

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 $290 billion was spent at restaurants. If the trend continues, about how much will be spent at restaurants in 2018?