Question

The number of people applying for free financial aid has gone up in the past decade by 6.74%. If the number of people that used to apply was 9,720,000, then how many total people are applying in the most recent year

Answer 1

Answer:

18,661,144 people

Step-by-step explanation:

-This is a compound interest problem.

-One decade is equal to 10 years and the rate of change is 6.74%. Given that the initial number at the start of the decade was 9720000, the current number is calculated as;

$P_n=P_o(1+r)^n\\\\n-time\\P_o-Initial \ pop\\P_n-Current \ pop\\r-rate \ of \ growth\\\\P_n=9720000(1+0.674)^{10}\\\\=18661143.37\approx 18661144$

Hence, there are 18,661,144 people currently applying.