Question

It has been projected that the population of a certain city in the southwest will increase by 6 percent during each of the next 5 years if the current population is 190,000 what is the expected population in 5 years

Answer 1

Answer: ‭254,263 people

Explanation:

The current population of the town is 190,000.

This population is going to increase by 6% every year for 5 years.

In 5 years therefore, the population of the town is expected to be:

You should use the compound interest formula:

= Initial population * ( 1 + rate of increase) ^ number of years

= 190,000 * (1 + 6%)⁵

= 190,000 * ‭1.3382255776‬

= ‭254,262.859744‬

= ‭254,263 people