Find the balance in an account when $600 is deposited at 3% compounded annually for 2 years.
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Answer:
The population would be 3358
Step-by-step explanation:
Since, exponential growth function if the growth is compound continuously,
Where,
P = initial population,
r = growth rate per period,
t = number of periods,
Given,
The population in 2000, P = 2,400,
Growth rate per year = 1.68% = 0.0168,
Number of years from 2000 to 2020, t = 20,
Thus, the population in 2020,