b.The company is projecting a 20% growth each year for the next four years. How many technicians should the company’s Human Resource Manager plan to hire in each of the next four years?
1st year: 8 x .2 = 1.6
2nd year: 9.6 x .2 = ?
Continue this pattern for the next 3 years.
1.92
what will it be in 4 yeras 3.84
9.6x.2=1.92
To determine how many technicians the company's Human Resource Manager should plan to hire in each of the next four years, we can use the given information that the company is projecting a 20% growth each year.
We start by calculating the growth for the first year. If there are currently 8 technicians, a 20% growth would be:
8 x 0.2 = 1.6
Therefore, in the first year, the company should plan to hire 1.6 technicians.
To find the growth for the second year, we use the previous year's total plus the growth rate:
(8 + 1.6) x 0.2 = 1.92
So, in the second year, the company should plan to hire 1.92 technicians.
We can continue this pattern for the next three years, calculating the growth and adding it to the previous year's total:
In the third year:
(8 + 1.6 + 1.92) x 0.2 = 2.504
So, in the third year, the company should plan to hire 2.504 technicians.
In the fourth year:
(8 + 1.6 + 1.92 + 2.504) x 0.2 = 3.8048
So, in the fourth year, the company should plan to hire approximately 3.8048 technicians. Rounded to two decimal places, this would be 3.80 technicians.
Therefore, the company's Human Resource Manager should plan to hire approximately 1.6 technicians in the first year, 1.92 technicians in the second year, 2.504 technicians in the third year, and 3.80 technicians in the fourth year.