Question

A little more than 43 million households own dogs in the US. The rate of increase in dog ownership is 1.5% each year. Approximately how many households are expected to own dogs in 10 years, if this trend continues?

Answer 1

43 million households own dogs.

What is 1.5% of that?

645,000.

You multiply this number by 10 for how many years it's being calculated.

This would be 6,450,000.

Add this number to 43 million (43,000,000) and you get 49,450,000.

Answer 2

Answer: About 49.9 million are expected to own dogs in 10 years.

Explanation:

The exponential growth equation is given by :-

`y=A(1+r)^x`, where A is the initial amount, r is the rate of increase and t is the number of time period.

Given : Initial amount is about 43 million.

Rate of increase per year : r= 1.5% = 0.015

Then , the number of households are expected to own dogs in 10 years is given by :-

`y=43(1+0.015)^(10)=49.9032554761\approx49.9`

Hence, about 49.9 million households are expected to own dogs in 10 years.