someone very nice named damon helped me with my last question and i have a couple more questions i need help with!
since 2005, the amount of money spent at restaurants in a certain country has increased at a rate of 7% each year. in 2005, about $290 billion was spent at restaurants. if the trend continues, about how much will be spent at restaurants will be spent at restaurants in 2018?
by the way, thank you to all of the people that answer other people's questions on here. they deserve some recognition and they help everyone learn more in a good way.
Now this time we better use compounding, because each year the increase is based on the current year, not what was happening in 2005
2018 - 2005 = 13 years
290*10^9 * 1.07^13 = 290*10^9* 2.409845 = 698.8550501 *10^9
or about 700 billion