SOLUTION: The number of register vehicles on the road in the United States is constantly increasing and 2007 there were approximately 246 million registered vehicles this represents a 3% inc

Question 1092379: The number of register vehicles on the road in the United States is constantly increasing and 2007 there were approximately 246 million registered vehicles this represents a 3% increase over 2000 to how many register vehicles were there in the United States in 2002 round to the nearest million
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
246 is a 3% increase over x
1.03x=246
x=238.83 million.
find the rate per year
246=238.83(1+r)^7
divide both sides by 238.83
1.03 (which we knew)=(1+r)^7
ln both sides
0.0296=7 ln(1+r)
without rounding, divide both sides by 7 and raise to the e power.
1+r=1.0042; r=0.0042
for 2002, take 238.83 and multiply it by 1.0042^2 power, again without rounding.
240.86 million or 241 million.
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Check. Because the percentage is low, approximate with linear. 3% per year is an increase 7.17 million in 7 years or about 1 million a year. This would predict 240.83.
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