Question

A population of 130,000 grows 4% per year for 16 years.

How much will the population be after 16 years?

Answer 1

Let's consider the scenario after each year:

After the zeroth year, the population is: 120 000(1 + 0.04)⁰

After the first year, the population is: 120 000(1 + 0.04)¹

After the second year, the population is: 120 000(1 + 0.04)²

...

Thus, we can find the general rule:

After the nth year, the population is: 120 000(1 + 0.04)ⁿ

And after the 16th year, the population is 120 000(1 + 0.04)¹⁶ = 224 758 (rounded to nearest whole number)