Answer: The estimated population of the town in 2050 would be approximately 9386.
Explanation: To calculate the estimated population of the town in 2050, we need to determine the population growth over the 34-year period from 2016 to 2050. Since the population is estimated to increase by 2% each year, we can use the formula for compound interest to calculate the future population.
The formula for compound interest is:
A = P(1 + r)^n
Where:
A = the future value (population in 2050)
P = the present value (population in 2016)
r = annual growth rate (expressed as a decimal)
n = number of years
Let's calculate the population in 2050:
P = 5050 (population in 2016)
r = 2% = 0.02
n = 2050 - 2016 = 34
A = 5050 * (1 + 0.02)^34
A ≈ 5050 * (1.02)^34
A ≈ 5050 * 1.85864196
A ≈ 9385.59
Therefore, the estimated population of the town in 2050 would be approximately 9386.