since 2005, the amount of money spent at restaurants in a country has increased at a rate of 8% each year. in 2005, about $290 billion was spent on restaurqnts. if the trend coutinues, about how much will be spent at restaurants in.2015

Answer 1

To calculate the amount that will be spent at restaurants in 2015, we can use the formula for exponential growth:

A = P(1 + r)^n

Where:
A = the future value of the investment/loan, including interest
P = the principal investment amount (initial amount spent on restaurants in 2005)
r = annual interest rate (8% or 0.08)
n = number of years (2015 - 2005 = 10 years)

Plugging in the values:

A = $290 billion * (1 + 0.08)^10
A = $290 billion * (1.08)^10
A = $290 billion * 2.15892495
A = $625.93 billion

Therefore, about $625.93 billion will be spent at restaurants in 2015 if the trend of 8% annual increase continues.