Question

The population of a town is increasing at a constant rate of 4.7% each year. At the beginning of 2010 the population was 42,000. Find the size of the population at the beginning of 2016. Give your answer to 3 sf.

Answer 1

The population at the beginning of 2016 is 55,326.

Explanation:

Giving the following information:

Population 2010 (PV)= 42,000

Growth rate (g)= 4.7% = 0.047

Number of years (n)= 6 years

To calculate the population at the beginning of 2016, we need to use the following formula:

FV= PV*(1+g)^n

FV= 42,000*(1.047^6)

FV= 55,326

The population at the beginning of 2016 is 55,326.