Question

Every four years in march, the population of a certain town is recorded. In 1995, the town had a population of 4700 people. From 1995 to 1999, the population increased by 20%. What was the towns population in 2005?

Answer 1

7414 people

Explanation:

Assuming that the population does increase by 20% for every four years since the last data collection of the population, the population can be modeled by using
`T = P(1+R)^t`

T = Total Population (Unknown)

P = Initial Population

R = Rate of Increase (20% every four years)

t = Time interval (every four year)

Thus, T = 4700(1 + 0.2)^2.5 = 7413.9725 =~ 7414 people.

Note: The 2.5 is the number of four years that occur since 1995. 2005-1995 = 10 years apart.

Since you have 10 years apart and know that the population increases by 20% every four years, 10/4 = 2.5 times.

Hope this helps!