at the independent record company where chase works, the vinyl format has been experiencing a resurgence in…

at the independent record company where chase works, the vinyl format has been experiencing a resurgence in popularity. record sales are increasing by 6% each year. if 260,090 records were sold this year, what will annual sales be in 4 years? if necessary, round your answer to the nearest whole number. records

at the independent record company where chase works, the vinyl format has been experiencing a resurgence in popularity. record sales are increasing by 6% each year. if 260,090 records were sold this year, what will annual sales be in 4 years? if necessary, round your answer to the nearest whole number. records

Answer

Explanation:

Step1: Identify the formula

The formula for compound - growth is $A = P(1 + r)^t$, where $P$ is the initial amount, $r$ is the growth rate as a decimal, and $t$ is the number of time periods. Here, $P=260090$, $r = 0.06$ (since $6%=0.06$), and $t = 4$.

Step2: Substitute the values into the formula

$A=260090\times(1 + 0.06)^4$. First, calculate $(1 + 0.06)^4=(1.06)^4$. $(1.06)^4=1.06\times1.06\times1.06\times1.06 = 1.26247696$. Then, $A = 260090\times1.26247696$.

Step3: Calculate the final value

$A=260090\times1.26247696\approx328354$.

Answer:

328354