Answer: the population after 7 years is 6580
Explanation:
The growth rate is exponential. We would apply the formula for exponential growth which is expressed as
y = b(1 + r)^ t
Where
y represents the population after t years.
t represents the number of years.
b represents the initial population.
r represents rate of growth.
From the information given,
b = 5000
r = 4% = 4/100 = 0.04
t = 7 years
Therefore
y = 5000(1 + 0.04)^7
y = 5000(1.04)^7
y = 6580