Question

The population of Philadelphia was 12,000 in 2006 and is growing by 5% each year. Predict the population for 2020. Thanks!

Answer 1

Population at any time t is given as:

`P(t)=P(0)(1+r)^t`

So, P(t)=12000(1+0.05)^t

From, 2006 to 2020, there are 14 years, so t=14

P(14)=12000(1+0.05)^14

=12000(1.05)^14=12000*1.979

=23748

So, Population in 2020,(14 years later)=23748

Answer 2

we are given

Let's assume initial population in 2006

initial population 12000

`P=12000`

`r=0.05`

`t=2020-2006`

`t=14`

now, we can use formula

`A=Pe^(rt)`

we can plug values

`A=12000e^(0.05*14)`

we can solve it

and we get

`A=24165`.............Answer