Problem

The percentage of executives in a certain industry receiving cash signing bonuses is increasing. The percentage is given by the function $B(t)=4.869(1.348)^{t}$, where $t$ is the number of years since 1998. Find the percentage of executives recelving signing bonuses in 2003 and in 2004.

In 2003, $\square \%$ of executives received signing bonuses.
(Round to the nearest tenth.)

Answer

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Answer

Final Answer: In 2003, \(\boxed{21.7\%}\) of executives received signing bonuses.

Steps

Step 1 :The problem is asking for the percentage of executives receiving signing bonuses in 2003 and 2004. The function \(B(t)=4.869(1.348)^{t}\) is given, where \(t\) is the number of years since 1998.

Step 2 :To find the percentage in 2003, we need to substitute \(t=2003-1998=5\) into the function.

Step 3 :To find the percentage in 2004, we need to substitute \(t=2004-1998=6\) into the function.

Step 4 :The percentage of executives receiving signing bonuses in 2003 is approximately 21.67% and in 2004 is approximately 29.21%. However, the question only asks for the percentage in 2003 rounded to the nearest tenth.

Step 5 :Final Answer: In 2003, \(\boxed{21.7\%}\) of executives received signing bonuses.

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