Question

The population of Mastertown was 23,000 in 2012. Assume that Mastertown's population increases at a rate of 2% per year. Write an equation to model the population of Mastertown (y) based on number of years since 2012 (x).

Answer 1

`23000 * (1 + 0.02) ^(7) or \: 23000 * (1.02)^(7)`

Explanation:

As this is compound interest you would need to use this formula:

`original \: value * ( {1 + multiplier \: })^(time \:)`

And then you would need to subsite the values into this equation to make:

`23000 * (1 + 0.2)^(7)`