To calculate the population of the small town after 10 years with a growth rate of 3% per year, you can use the formula for exponential growth:
P(t)=P0×(1+r)t
Where:
P(t) is the population after time t years.
P(0) is the initial population (1600 in this case).
r is the growth rate (3% or 0.03 as a decimal).
t is the time in years (10 years in this case).
Plugging in the values:
P(10)=1600×(1+0.03)10P(10)=1600×(1+0.03)10
P(10)=1600×1.0310P(10)=1600×1.0310
P(10)=1600×1.34391736841P(10)=1600×1.34391736841
P(10)≈2142.27P(10)≈2142.27
So, the estimated population of the small town after 10 years, with a growth rate of 3% per year, would be approximately 2142.27 people.