Complete Question
The projected worth (in millions of dollars) of a large company is modeled by the equation w =256(1.09)^t .
The variable t represents the number of years since 2000. What is the projected annual
percent of growth, and what should the company be worth in 2008?
Answer:
a) The projected annual percent growth = 9%
b) The company's worth in 2008 = 510.09603627(in million dollars) or $510,096,036.27
Step-by-step explanation:
a) The projected annual percent growth
From the formula of company's worth =
w = 256(1.09)^t
1.09 - 1 = 0.09
Converting decimal to percentage
= 0.09 × 100
= 9%
b) The projected worth of the company is represented as:
w= 256(1.09)^t
t = 2000 - 2008 = 8 years
w = 256(1.09)^8
w = 510.09603627(in million dollars)
or 510.09603627 × 1,000,000
= $510,096,036.27
