Question

The number of members in a labor union is 240, and the number increases by 5% each year. Find the number of members after 4 years

Answer 1

$~~~~~~ \textit{Union Members Earned Amount}\\\\A=P(1+rt)\qquad\begin{cases}A=\textit{accumulated amount}\\P=\textit{original amount}\dotfill & 240\\r=rate\to 5\%\to \frac{5}{100}\dotfill &0.05\\t=years\dotfill &4\end{cases}\\\\\\A=240[1+(0.05)(4)]\implies A=240(1.2)\implies A=288$