Answer:
Prediction model for Jewelry sales 7.15 billion = 2 billion {1+r%}¹⁰
Jewelry sales in 2015 = 8.343 billion dollars
Step-by-step explanation:
The compound interest expression is used to describe the increase in Jewelry sales
A = P{1+r%}ⁿ = 7.15billion = 2billion {1+r%}¹⁰
Where A= Jewelry sales in 2013
P Jewelry sales in 2010
r= annual rate increase
n= number of years
r is then calculated from 7.15billion = 2billion {1+r%}¹⁰
Therefore 3.575billion = {1+r%}¹⁰
¹⁰√3.575 × 10⁹ = 1+r%
9.022514830966 = 1+r%
r% = 8.022514830966%
Jewelry sales by 2015 = A = P{1+r%}ⁿ where n= 2
A = 7.15×10⁹{1+8.022514830966/100}² = 8.34370097596 × 10⁹
Therefore Jewelry sales in 2015 = 8.343 billion dollars
