Question

A new town with 3000 people is becoming very popular.

Starting 2 years ago the population began increasing by exactly 3.274% every month.

What is the current population of the town (round your answer to the nearest whole number)?

Answer 1

To calculate the current population of the town after 2 years, we first need to find the total number of months:

Total number of months = 2 years x 12 months/year = 24 months

Next, we can use the formula for compound interest to calculate the population after 24 months:

P = A(1 + r/100)^n

where:

P = final population

A = initial population (3000)

r = monthly growth rate (3.274%)

n = total number of months (24)

Plugging in the values, we get:

P = 3000(1 + 3.274/100)^24

P ≈ 4144

Therefore, the current population of the town is approximately 4144 people.

Explanation: