A town has a population of 14000 and grows at 3% every year. What will be the population after 6 years, to the nearest whole num
2 answers:
This problem resembles one of a compound interest type, in which we would use the following formula:
Where:
C is the initial amount
j is the interest rate
n is the number of periods
M is the final amount
Using this same formula to solve our problem, we have:
C is the initial population
j is the annual growth rate
n is the number of years
M is the final population
OK. Let's do it...
C = 14000
j = 3% = 3/100 = 0.03
n = 6
M = ?
Making the due substitutions and performing the calculations:
M = C .
M = 14000 .
M = 14000 .
M = 14000 . 1.19
M = 16,716.7
Response: 16,717
:-)
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