Question

The population of a town in 2000 was 430. The population is increasing at a rate of 0.9% every year. What will be the projected population of the town in 2010? Round your answer to the nearest whole number

Answer 1

If in 2000 there were 430 folksk, 2010 is 10 years later, thus t = 10

$\bf \qquad \textit{Amount for Exponential Growth}\\\\ A=I(1 + r)^t\qquad \begin{cases} A=\textit{accumulated amount}\\ I=\textit{initial amount}\to &430\\ r=rate\to 0.9\%\to \frac{0.9}{100}\to &0.009\\ t=\textit{elapsed time}\to &10\\ \end{cases} \\\\\\ A=430(1+0.009)^{10}\implies A=430(1.009)^{10}$