A company has 3,100 employees and is expected to grow at a rate of 0.04 for the next six years. How

Discussion in 'Calculator Requests' started by math_celebrity, Nov 1, 2021.

  1. math_celebrity

    math_celebrity Administrator Staff Member

    A company has 3,100 employees and is expected to grow at a rate of 0.04 for the next six years. How many employees will they have in 6 years? Round to the nearest whole number.

    We build the following exponential equation:
    Final Balance = Initial Balance * (1 + growth rate)^time
    Final Balance = 3100(1.04)^6
    Final Balance = 3100 * 1.2653190185
    Final Balance = 3922.48895734

    The problem asks us to round to the nearest whole number. Since 0.488 is less than 0.5, we round down.
    Final Balance = 3,922
     

Share This Page