Question

The population of Greenbow, Alabama in 1995 was 200 people. Since then, the population has grown 2% per year. Model this situation with the proper equation and use that equation to predict the population of Greenbow in 2020.

Answer 1

Equation is;

P = I(1 + r)^n

The population is 328

Explanation:

Here we want to model the situation and use the modeled equation to predict population.

This follows an exponential pattern with similarity to the amount paid on a compound interest

Mathematically, we can have the equation as;

P = I(1 + r)^n

Where P is the population we want to calculate

I is the initial population in 1995 = 200 people

r is the rate of increase = 2% = 2/100 = 0.02

n is the difference in the number of years = 2020-1995 = 25

Thus the population would be;

P = 200(1 + 0.02)^25

P = 200(1.02)^25

P = 328.12

which is 328 approximately