Question

Suppose the population of a town is 8,200 and is growing 4% each year, what is the population expected to be in 10 years

Answer 1

12,138 people

Explanation:

Create an equation using the basic exponential growth equation:

y = a(1 + r)^t, where a is the initial amount, r is the growth rate as a decimal, and t is the amount of time in years.

Plug in the values we know

y = a(1 + r)^t

y = 8200(1 + 0.04)^10

y = 8200(1.04)^10

= 12,138 people