a town has a population of 13000 and grows at 5% every year. what will be the population after 11 years, to…
a town has a population of 13000 and grows at 5% every year. what will be the population after 11 years, to the nearest whole number?
Answer
Explanation:
Step1: Identify the formula
The formula for compound - growth is (P = P_0(1 + r)^t), where (P_0) is the initial population, (r) is the growth rate, and (t) is the time in years.
Step2: Substitute the values
Given (P_0=13000), (r = 0.05) (since (5%=0.05)), and (t = 11). Substitute into the formula: (P=13000\times(1 + 0.05)^{11}).
Step3: Calculate ((1 + 0.05)^{11})
((1+0.05)^{11}=1.05^{11}\approx1.7103393).
Step4: Calculate (P)
(P = 13000\times1.7103393). (P=13000\times1.7103393 = 22234.4109).
Answer:
(22234)