Question

A town has a population of 45000. This population increases exponentially at a rate of 1.6% per year. Find the population of the town at the end of 5 years. Give your answer correct to the nearest hundred. ( give me the workings please )

Answer 1

Use this equation (1+n/100)^r* invested or current value. n is the percentage and r is the years
(1+1.6/100)^5 * 45,000
= 48717.05799
= 48800 after 5 years