Question

In 1995, the total box office in U.S movie theaters was about $5.02 billion. From 1995 through 2008, the box office revenue increased by about 5.9% per year. What was the total box office revenue for the entire period from 1995 - 2008?

Answer 1

Answer:

1.06 x $10^{10}$ (3sf)

Step-by-step explanation:

using compound interest formula A = P$(1+\frac{R}{100}) ^{n}$

from 95 to 08 is 13 yrs

Total Revenue = (5.02 x $10^{9}$)$(1 + \frac{5.9}{100}) ^{13}$ = 1.057 x $10^{10}$