The number of customers visiting a local business is 48,961 and has been continuously declining at a rate of 2.5% each year. What is the approximate number of customers in 13 years.
My answer is 35,230
See my answer to your previous post and adjust your answer.
you should have:
48,961 e^(13*-.025)
=
To calculate the approximate number of customers in 13 years, we need to use the formula for continuous decline over time. Here's the step-by-step calculation:
1. Start with the initial number of customers: 48,961.
2. Determine the rate of decline per year: 2.5% (or 0.025 as a decimal).
3. Calculate the number of customers in each year:
Year 1: 48,961 * (1 - 0.025) = 47,669 (rounded to the nearest whole number)
Year 2: 47,669 * (1 - 0.025) = 46,405
Year 3: 46,405 * (1 - 0.025) = 45,168
... and so on
4. Continue this calculation for 13 years to find the approximate number of customers.
Applying the calculation method, here are the results for each year:
Year 1: 48,961 * (1 - 0.025) ≈ 47,669
Year 2: 47,669 * (1 - 0.025) ≈ 46,405
Year 3: 46,405 * (1 - 0.025) ≈ 45,168
Year 4: 45,168 * (1 - 0.025) ≈ 43,959
Year 5: 43,959 * (1 - 0.025) ≈ 42,778
Year 6: 42,778 * (1 - 0.025) ≈ 41,625
Year 7: 41,625 * (1 - 0.025) ≈ 40,498
Year 8: 40,498 * (1 - 0.025) ≈ 39,399
Year 9: 39,399 * (1 - 0.025) ≈ 38,326
Year 10: 38,326 * (1 - 0.025) ≈ 37,280
Year 11: 37,280 * (1 - 0.025) ≈ 36,259
Year 12: 36,259 * (1 - 0.025) ≈ 35,263
Year 13: 35,263 * (1 - 0.025) ≈ 34,291
Therefore, the approximate number of customers in 13 years is around 34,291 (rounded to the nearest whole number).