math problem on exponential functions

Question

Since

2004​,

the amount of money spent at restaurants in a certain country has increased at a rate of

6​%

each year. In

2004​,

about

​$470

billion was spent at restaurants. If the trend​ continues, about how much will be spent at restaurants in

2016​?

Answer 1

470e.06(12)

= 460e^.72

= about 945,039,276,900

= about 945 billion in 2016,

at 6% if 470 billion in 2004

that's 12 years later

2016-2004 =12

basic formula is A=Pe^rt

t = years = 12

r = annual interest rate = 6% = .06

P= starting amount

A = ending amount

e = an irrational number= about 2.718281828...