Question

A town has 15 acres of farmland. The town plans to increase the amount of farmland about 6% every 8 years. If the town continues to follow their plan, how much farmland will be there after 64 years?

Answer 1

Approximately 23.91 acres of farmland after 64 years.

Explanation:

A town has 15 acres of farmland.

It plans to increase 6% every 8 years.

We can set up equation for the increase.

A=P
`(1+r)^{(t)/(8) }`

From the given information

P= 15

r=0.06

t=64

Plug in these values into the formula

A=15
`(1+0.06)^{(64)/(8) }`

Simplify it

A=15
`(1.06)^(8)`

Simplify further

A=23.90772...

Approximately 23.91 acres of farmland after 64 years.