In 5 years the demand will be about $19.33 million.
<u>Given:</u>
The formula for compound growth is , where <em>E</em> is ending value, <em>B</em> is beginning value, <em>R</em> is rate of growth, and <em>T</em> is the amount of time.
Demand for electrical services (<em>B</em>) = $12 million per year
Growth rate <em>(R) </em>= 10%
<em>T</em>= 5 years
<u>Computation</u>:
Substitute all values in the formula , we get
In 5 years the demand will be about $19.33 million.
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