Question

The number of members in a labor union is 240, and the number increases by 5% each year. Find the number of members after 4 years.​

Answer 1

Answer: 292

Explanation:

Given

There are 240 members in a labor union

The number increases by 5% each year

After 1 year it is

`\Rightarrow 240+5\%* 240\\\Rightarrow 240(1+0.05)`

After 2 years

`\Rightarrow 240(1+0.05)+5\%* 240(1+0.05)\\\Rightarrow 240(1+0.05)(1+0.05)=240(1+0.05)^2`

Similarly, after 4 years

`\Rightarrow 240(1+0.05)^4\\\Rightarrow 291.72\approx 292`