Question
In a growing midwestern town, the number of eating establishments at the end of each of the last five years are as follows: Year 1
In a growing midwestern town, the number of eating establishments at the end of each of the last five years are as follows:
Year 1 = 143;Year 2 = 149;Year 3 = 162;Year 4 = 171;Year 5 = 178
1. From the end of year 1 to the end of year 5, the number of eating establishments grew at a rate of ____________ compounded annually.
A) 4.2%
B) 4.7%
C) 5.6%
D) 8.7%
E) 9.3%
2. If, over the next five years, eating establishments are expected to grow at the same rate as they did during year 5, forecast the number of eating establishments at the end of year 10.
A) 217
B) 219
C) 221
D) 223
E) 225
3. If the number of eating establishments are expected to grow in year 6 at the same rate as the percentage increase in year 5, how many new eating establishments will be added in year 6?
A) 5
B) 6
C) 7
D) 8
E) 9
plz choose the answer and explain why with formula
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