Question

The population of retired citizens in Orlando is 64900. If the population increases at a rate of 4.1% each year. What will the population of retirees be in 5 years?

Answer 1

The population of retirees in Orlando will be approximately 78,675 in 5 years.

Step-by-step explanation:

To find the population of retirees in 5 years, we need to calculate the population after each year. Starting with a population of 64,900, we can use the formula:

New population = Previous population + (Previous population * Growth rate)

For each year:

1. Year 1: New population = 64,900 + (64,900 * 0.041) = 67,455
2. Year 2: New population = 67,455 + (67,455 * 0.041) = 70,102
3. Year 3: New population = 70,102 + (70,102 * 0.041) = 72,849
4. Year 4: New population = 72,849 + (72,849 * 0.041) = 75,704
5. Year 5: New population = 75,704 + (75,704 * 0.041) = 78,675

Therefore, the population of retirees in 5 years will be approximately 78,675.