A company has 3,100 employees and is expected to grow at a rate of 0.04 for the next six years. How many employees will they have in 6 years? Round to the nearest whole number.
We build the following exponential equation:
Final Balance = Initial Balance * (1 + growth rate)^time
Final Balance = 3100(1.04)^6
Final Balance = 3100 * 1.2653190185
Final Balance = 3922.48895734
The problem asks us to round to the nearest whole number. Since 0.488 is less than 0.5, we round down.
Final Balance = 3,922
We build the following exponential equation:
Final Balance = Initial Balance * (1 + growth rate)^time
Final Balance = 3100(1.04)^6
Final Balance = 3100 * 1.2653190185
Final Balance = 3922.48895734
The problem asks us to round to the nearest whole number. Since 0.488 is less than 0.5, we round down.
Final Balance = 3,922