Question

If you live in a town with a current population of 5,000 people and this population is increasing at a rate of 3.4% every 5 years, how many people will live in the town after 15 years?

Answer 1

We can use the formula for exponential growth to find the population after 15 years:
P = P0 * (1 + r)^t
where P0 is the initial population, r is the rate of growth as a decimal, and t is the number of years.

First, we find the rate of growth per 5 years:
r = 0.034

Next, we find the number of 5-year intervals in 15 years:
t = 15 years / 5 years/interval = 3 intervals

Finally, we plug these values into the formula:
P = 5000 * (1 + 0.034)^3
P = 5000 * 1.034^3
P = 5000 * 1.106722
P = 5533.6

So after 15 years, there will be approximately 5533.6 people living in the town