Question

More and more people are purchasing food from farmers' markets. As a consequence, a market researcher predicts that the number of farmers' markets will increase by 5% each year. If there are 7,700 farmers' markets this year, how many will there be in 5 years?

Answer 1

Given:

A market researcher predicts that the number of farmers' markets will increase by 5% each year

There are 7,700 farmers' markets this year

we will the number of farmers' markets after 5 years

So, we will use the following formula:

$A=P\cdot(1+r)^t$

We will calculate (A) when P = 7700, r = 5% and t = 5

so,

$A=7700\cdot(1+\frac{5}{100})^5=7700\cdot1.05^5=9827.368$

Rounding to the nearest whole number

so, the answer will be 9827