Question

if a tow with a population of 3,000 grows by 2% per year, how large will the population be in ten years ?

Answer 1

3657

Explanation:

P = 3000, r = 2%, n = 10 years, A =?

By compound interest formula:

`A = P \bigg(1 + (r)/(100) \bigg ) ^(n) \\ \\ A = 3000 \bigg(1 + (2)/(100) \bigg ) ^(10) \\ \\ A = 3000(1 + 0.02) ^(10) \\ \\ A = 3000(1.02) ^(10) \\ \\ A = 3000 * 1.21899442 \\ \\ A = 3,656.98326 \\ \\ A \approx 3657 \\`