Question

In 2007, the population of Mayodan, NC was around 2,500 people with a growth rate of 3% per year. What would the population be in 2013?

Answer 1

The population of Mayodan, NC in 2013 would be approximately 2,977 people.

Step-by-step explanation:

To calculate the population in 2013, we can use the formula for exponential growth:

Population = Initial Population * (1 + Growth Rate)^Number of Years

Given that the initial population in 2007 was 2,500 and the growth rate is 3% (or 0.03), we can plug in the values:

Population in 2013 = 2,500 * (1 + 0.03)^6

Simplifying the equation, we get:

Population in 2013 = 2,500 * 1.191016

Therefore, the population of Mayodan, NC in 2013 would be approximately 2,977 people.