In the year 2004, a total of 7.9 million pasengers took acruise vacation.^2 The global cruise industry has beengrowing at approximately 10% per year for the last 10 years, assumethat this growth rate continues a) write a formula to approximate the number, N. ofpassengers in millions t years after 2004. b)how many cruise passengers are prdicted in the year 2010?Approximately how many passengers went on a cruise in the year2000?
assuolareuz
Answered question
2022-08-04
In the year 2004, a total of 7.9 million pasengers took acruise vacation. The global cruise industry has beengrowing at approximately 10% per year for the last 10 years, assumethat this growth rate continues a) write a formula to approximate the number, N. ofpassengers in millions t years after 2004. b)how many cruise passengers are prdicted in the year 2010?Approximately how many passengers went on a cruise in the year2000?
Answer & Explanation
Clare Chung
Beginner2022-08-05Added 9 answers
Hey there. it's been a while since i've looked over this stuff, soin cases like these, i like to take a pre-existing equation andtweek it to work for my needs. for this specific question, you canuse the compound interest formula: , where A=account balance, P=initial principal, r=interest rate, n=number of times compounded per year,and t=time (years). now it's just a matter of putting in the information given to youin the problem, and changing the labels of the variables to reflectwhat was asked of you. so, A=N, P=7.9, r=.1, n=1, and t=t.that gives:
for part b, you plug in the respective elapsed time (t=6 for 2010 and t=-4 for 2000) and work it out. you should get 14.0 million(for 2006) and 5.4 million (for 2000).