Question

The population of a town is 50,000 people in the year 2000. How many people with live in the town in 2020 if the population increases at a rate of 3% each year? Round your answer to the nearest whole number.

Answer 1

Hi there, first I find 3% of 50,000. By multiplying 0.03*50,000. Giving me, 1,500. Then I multiply that by 20. Lastly, I add 30,000 to 50,000. The answer should be 80,000 if I am not mistaken. Hope this helps!

Answer 2

Explanation:

The exponential growth function is given by :-

`f(t)=A(1+r)^t`, where A is the initial value , r is the rate of growth and t is the time period.

Given : The population of a town is 50,000 people in the year 2000.

i.e. A = 50,000

Rate r= 3% = 0.03

For year 2020, t= 20

Then , the number of people live in the town in 2020 will be :_

`f(20)=50000(1+0.03)^(20)=90305.5617335\approx90,306`

Hence, 90,306 people live in the town in 2020.