Question

In the year 2001, a total of 7.2 million passengers took a cruise vacation. The global cruise industry has been growing at 10% per year for the last decade. Assume that this growth rate continues. a) Write a formula for to approximate the number, N, of cruise passengers (in millions) t years after 2001. N = b) How many cruise passengers (in millions) are predicted in the year 2012?N = c) How many cruise passengers (in millions) were there in the year 2000?N =

Answer 1

We get that the function that represent this situation is:

$N(t)=7.2\cdot(1.1)^t$

in 2012 there are 11 years after 2001 so.

$N=7.2\cdot1.1^{11}\approx20.54$

and in 2000 we get

$N=\frac{7.2}{1.1}\approx6.54$