Question

In 2015, the population of a town was 8914. The population is expected to grow at a rate of 1.36% each year.

At this rate, what would be the population in 2040

Answer 1

12495

Explanation:

it is like a compound interest rate which means that every year the population will increase at a rate of 1.36 over 25 years (from 2015 to 2040)

The population in 2040 is the sum of 8914+(8914*1.36%)+(8914*1.36**2%)+...

You can calculate by using the compound interest formula,

Final amount = initial amount (1 + rate)^#years

Population in 2040 = 8914(1 + 0.0136)^25

Population in 2040 = 12495