Question

A town of 10000 grew to 15000 in 5 years. what is the annual growth percentage

Answer 1

Explanation:

Compounding growth formula:

15 000 = 10000 ( 1+i)^5 solve for i which will be decimal percentage

(15000/10000)^(1/5) = 1+i

i = .08447 or 8.45 %