Answer:
Step-by-step explanation:
we know that
The compound interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
substitute in the formula above
Answer
After 13.15 years the population of both towns will become equal.
Step-by-step explanation:
Population of the city Anville is given by using the compound interest formula
The formula of compound interest
A = p( 1+r/n)^n*t
using this we get
P1 = 16000 (1 +) ^1*t
Population of the city of Brinker will be
P2 = 11000( 1 + ) ^1*t
now to make equal population in both towns
P1=P2
16000 (1 +) ^1*t = 11000( 1 +
) ^1*t
t = 13.15 years