Question

A town’s population is 50,000 in 2018. The population has been growing at a rate of 3.7% each year. What is the estimated population of 2025? Round to the nearest whole number.

Answer 1

The formula for exponential growth is: Total = Starting value(1 + rate)^time

2018 to 2025 is 7 years:

Total = 50,000(1+0.037)^7

Total = 50,000(1.037)^7

Total = 64,479