Question

The population of a small town is 2,200

and is increasing at a rate of 3% per year;
10 years. Round to the nearest whole
number.

Answer 1

2957

Explanation:

Instead of just giving you a formula.. I want to show you how to understand the formula

So 2200 is the initial population

After 1st year, we are going to have an increase of 3% so 1st yr gives us 2200(1.03)=2266

After 2nd year, we are going to have increase of 3% from previous year so we could do 2266(1.03) or realize this is the same as 2200(1.03)^2 .

so you are going to keep multiplying factors of 1.03 to that per year.

So at 10 years we have 2200(1.03)^10

The formula I mentioned was really this initial population times (1.03)^(number of yrs)

So answer is 2956.616

To the nearest whole number is 2957