In the year 2004, a total of 7.2 million passengers took a cruise vacation. The global cruise industry has been growing at 7% per year for the last decade. Assume that this growth rate continues.

Question

I need help writing a formula and I should be able to answer the rest of the questions but a few questions are:

A) How many cruise passengers (in millions) are predicted in the year 2005? 

B)Write a formula for to approximate the number, 𝑁, of cruise passengers (in millions) 𝑡 years after 2004. (Round all numeric values in your formula to at least four decimal places.) 

Answer 1

N(t)= 7.2e^.07t, where t= years since 2004

N(1)= 7.2e^.07 = 7.722058905 million

=about 7,722,059 cruise customers in 2005