The number of customers that visit a local small business is 51,200 and has been continuously declining at a rate of 3.8% each year. What is the approximate number of customers that visit the business in 14 years
30,076 is the correct answer
Each year decrease 3.8 per cent,so n years remain 51200*(1-0.038)^n,
ans: 51200(1-0.038)^14
=29766 customers (corr. to the nearest integer)
as marie said its 30076
To find the approximate number of customers that visit the business in 14 years, we can use the following steps:
1. Calculate the annual decline in the number of customers:
- The decline rate is given as 3.8% per year.
- To calculate the annual decline, we can multiply the current number of customers by 0.038 (3.8% as a decimal).
Annual decline = 51,200 * 0.038
2. Calculate the number of customers remaining after each year:
- To find the number of customers in each subsequent year, we need to subtract the annual decline from the previous year's number of customers.
Number of customers in year 1 = 51,200 - (51,200 * 0.038)
Number of customers in year 2 = (Number of customers in year 1) - ((Number of customers in year 1) * 0.038)
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Number of customers in year 14 = (Number of customers in year 13) - ((Number of customers in year 13) * 0.038)
3. Repeat the calculation for each year up to 14 years, using the previous year's number of customers to find the number for the next year.
Let's calculate the number of customers in each year using the above steps.
Number of customers in year 1 = 51,200 - (51,200 * 0.038) ≈ 49,308.8
Number of customers in year 2 = 49,308.8 - (49,308.8 * 0.038) ≈ 47,480.44
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Number of customers in year 14 = (Number of customers in year 13) - ((Number of customers in year 13) * 0.038)
By following these calculations, we can determine the approximate number of customers that visit the business in 14 years.