Final answer:
To calculate the population of the town after 10 years, use the formula A = P(1 + r)^t. Plugging in the values, we find that the population would be approximately 2049.62.
Step-by-step explanation:
To calculate the population of a small town after 10 years, we can use the formula for exponential growth:
A = P(1 + r)t
Where:
- A is the final population
- P is the initial population
- r is the growth rate
- t is the number of years
In this case, the initial population (P) is 1600, the growth rate (r) is 3% (or 0.03), and the number of years (t) is 10.
Plugging these values into the formula, we get:
A = 1600(1 + 0.03)10
Calculating this, we find that the population of the town after 10 years would be approximately 2049.62.