The first year of a charity walk event had an attendance of 500 . The attendance y increases by 5% each year. How many people will attend in the 10th year? Round your answer to the nearest person. Type a response

Question

The first year of a charity walk event had an attendance of 500 . The attendance  y increases by  5% each year. How many people will attend in the 10th year? Round your answer to the nearest person. Type a response

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Determine Formula: Determine the formula to calculate the attendance in the 10th year. The attendance increases by a fixed percentage each year, which is a geometric sequence. The formula for the future value of a quantity growing at a fixed percentage rate is given by: Future Value = Present Value * (1 + growth rate)^number of periods Here, the Present Value is the initial attendance, the growth rate is the annual increase in attendance, and the number of periods is the number of years.Plug Values: Plug in the values into the formula. Present Value (initial attendance): 500 Growth rate (annual increase): 5% or 0.05 Number of periods (years): 10 Future Value = 500 * (1 + 0.05)^10Calculate Future Value: Calculate the future value using the formula. Future Value = 500 * (1 + 0.05)^10 Future Value = 500 * (1.05)^10 Future Value = 500 * 1.628894626777442 Future Value ≈ 814.447313388721Round Answer: Round the answer to the nearest person. Since we cannot have a fraction of a person attending, we round the number to the nearest whole number. Future Value ≈ 814 people

The first year of a charity walk event had an attendance of $500$ . The attendance $y$ increases by $5 \%$ each year. How many people will attend in the $10$ th year? Round your answer to the nearest person. $\newline$

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The first year of a charity walk event had an attendance of $500$ . The attendance $y$ increases by $5 \%$ each year. How many people will attend in the $10$ th year? Round your answer to the nearest person. $\newline$