A town has a population of 32,000 in the year 2002; 38,400 in the year 2003; 46,080 in the year 2004; and 55,296 in the year 2005. if this pattern continues, what will the population be in the year 2015?
The point is to find the growth rate. The compound formula is:
P=A(1+ growth rate)ⁿ, where A is the initial Value & P the new value after n years: P₂₀₀₃ =P₂₀₀₂ (1+ growth rate)¹ (the period "n" from 2002 to 2003 being 1 year)
38400 = 32000(1+growth rate)¹ 38400 / 32000 - 1= growth rate & growth rate = 1/5 = 0.2 You will balso find the same growth rate for: P₂₀₀₄ = P₂₀₀₃(1+ growth rate)¹ P₂₀₀₅ = P₂₀₀₄((1+ growth rate)¹ between 2015 & 2002 THERE ARE 14 YEARS:
