Answer :
There should be approximately 16,420 Starbucks shops in the US in 2020.
What is Compound interest ?
Compound interest can be regarded as the addition of interest on the loan to the principal sum of the deposit.
We can use the formula for compound interest to calculate the number of Starbucks shops in 2020:
[tex]A = P(1 + r)^n[/tex]
where:
A = the final amount
P = the initial amount
r = the annual growth rate
n = the number of years
In this case:
P = 7,302
r = 6% = 0.06
n = 2020 - 2005 = 15
Plugging in these values, we get:
A = 7,302(1 + 0.06)^15
A ≈ 16,420
Therefore, there should be approximately 16,420 Starbucks shops in the US in 2020. Rounded to the nearest whole number, the answer is 16,420.
To know more about Compound interest visit,
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