Question

the population of red hook is growing at a rate of 3.5% per year. if its current population is 12,500, in how many years will the population exceed 20,000? round your answer to the nearest year. only an algebraic solution is acceptable.

Answer 1

Explanation:

Population follows the compound growth formula

FV = PV ( 1 + i) ^n

For this situation :

20 000 < 12500 ( 1 + .035)^n solve for 'n' years

LOG ( 20 000/12500) / (LOG 1.035) < n

13.66 < n or ~ 14 years