Question

ASNWER AND SHOW WORK PLSSSS 10 POINTS!

Mrs. W is raising bunnies for Easter. She currently has 5 bunnies and expects the number of bunnies to increase 55% each year. Approximately how many bunnies would Mrs. W have after 5 years have passed? ( Round to the nearest bunny)

Answer 1

45 bunnies

Explanation:

I love bunnies!

The compound interest formula is:

P(1 + r)^t

where P = original number (5)

r = rate of growth (0.55, which is just the decimal form of 55%)

t = time, 5 years (and for this problem our rate is expressed as annual and our time period is also in years, so we don't have to do anything special here.)

=5(1+0.55)^5

= 5(1.55)^5

= 44.7330484375 which is approx 45 adorable little bunnies

NOTE:

We can do this the old fashioned, long way and get the same answer.

After year 1 = 5 * 1.55 = 7.75 (we'll round at the end)

After year 2 = 7.75 *1.55 = 12.0125

After year 3 = 12.0125 *1.55 = 18.619375

After year 4 = 18.619375 * 1.55 = 28.86003125

After year 5 = 28.86003125 * 1.55 = 44.733 = approx 45 adorable little bunnies