Every year your firm employs 11% more employee. If your firm started with four employees, how many people will be employed after 10 years
To solve this problem, we can use exponential growth formula:
N = N0(1+r)^t
Where:
N0 is the initial number of employees (4 in this case)
r is the annual growth rate (11% = 0.11 as a decimal)
t is the number of years (10 in this case)
N is the final number of employees we want to find.
Plug in the values:
N = 4(1+0.11)^10
N = 4(1.11)^10
N = 4(2.59374246)
N = 10.37497
After 10 years, there will be approximately 10 employees (rounded to the nearest whole number).