Question

The population of Oak Forest is increasing at a rate of 4% per year. If the population is 39,410 today, what will it be in three years?

Answer 1

The population of Oak Forest is increasing at a rate of 4% per year.

Increase rate, r = 4%

Current population, P = 39,410

time, t = 3 years

Population after 3 years will be:
$P{(1 + \frac{r}{100} )}^{t} \\ \\ = 39410 \times { ( 1 + \frac{4}{100} )}^{3} \\ \\ = 39410 \times {1.04}^{3} \\ \\ = 44330.89 \\ \\ \approx \boxed{44331}$

Population after 3 years will be 44331