Question

A towns population is 50,000 in 2018. The population has been growing at a rate of 3.7% each year. What is the estimated population of 2025? Show the equation you used and the answer

Answer 1

Answer:Therefore, the estimated population of the town in 2025 is approximately 63,825.

Step-by-step explanation: To estimate the population of the town in 2025, we can use the formula for compound interest:

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

Where:

A = Final amount (population in 2025)

P = Initial amount (population in 2018)

r = Annual growth rate (in decimal form)

n = Number of times the interest is compounded per year

t = Number of years

Given:

P = 50,000

r = 3.7% = 0.037 (converted to decimal)

n = 1 (compounded annually)

t = 2025 - 2018 = 7 years

Substituting the values into the formula, we have:

A = 50,000(1 + 0.037/1)^(1*7)

A = 50,000(1 + 0.037)^7

A = 50,000(1.037)^7

A ≈ 50,000(1.2765)

A ≈ 63,825

Answer 2

65,150

Explanation:

Plugging in the given values, we get: P(2025) = 50,000 * (1 + 0.037)^7 P(2025) = 50,000 * 1.303 P(2025) = 65,150 Therefore, the estimated population of the town in 2025 is 65,150 (rounded to the nearest whole number)