Question

In 2015, the population of a small town in Florida is 95. If he population increases 15% every year, approximately what will the population be in 2023?

Answer 1

The population is increasing every year. so we use exponential growth function

$y=a(1+r)^x$

Where 'a' is the initial population

r is the rate of increase

x is the years

y is the final population

In 2015, the population of a small town in Florida is 95

Initial population a= 95

r= 15%= 0.15

x = 2023 - 2015 = 8 years

Plug in all the values and find out y

$y=a(1+r)^x$

$y=95(1+0.15)^8$

y = 290.607

The population in 2023 is 291