Question

the population of a town grows at the rate of 3 percent each year in 2010, the town had a population of 250000. what is the population in 2020

Answer 1

335,979 people (in Year 2020)

Explanation:

Initial Population (Year 2010) = 250,000

Rate of Growth = 3% = 3/100 = 0.03

We want the population of the town in Year 2020 (at this rate). That is 10 years from now.

The formula for compound growth is:

`F=P(1+r)^t`

Where

F is the future value (in year 2020)

P is the present value (250,000)

r is the rate of increase per year (0.03)

t is the time in years (t = 10)

Lets substitute and find the value:

`F=P(1+r)^t\\F=250,000(1+0.03)^(10)\\F=250,000(1.03)^(10)\\F=335979.09`

Rounded, that would be:

335,979 people (in Year 2020)