Question

IN 2013 The number of students in a small school is 284. it is estimated that the student population will increase by 4% every year. write formula for student population and estimate student population in 2020

Answer 1

Amount = Initial value × (1 + rate of interest)^years and 374

Explanation:

The formula to determine the student population and the estimated student population is given below:

As we know that

Amount = Initial value × (1 + rate of interest)^years

= 284 × (1 + 0.04)^7

= 284 × 1.04^7

= 373.72

= 374