Question

A city with a population of 26,237 people is predicted to grow exponentially,at an annual rate of 2.4%. What will the population of the city be 10 years from now?

Answer 1

The formula for an exponential growth is:

`y=a(1+r)^x`

From the question:

a=26,237

r=2.4%

x=10

Substitute the values into the equation:

`y=26237(1+2.4\%)^(10)`

Calcualte the value of y:

This gives:

`\begin{gathered} y=26237(1.024)^(10) \\ y\approx33259 \end{gathered}`

Therefore the population will be approximately 33259 people