The population of Quahog, Rhode Island is currently 15,000 if the population is growing at a rate of 6 percent per year, to the nearest year

Question

How long will it take for the population to quadruple. 

Answer 1

The formula used to answer this question is Future value = Present value (1 + r)^t

when r = rate as a decimal, and t = time in years

 

In this case, the Future Value = 60,000, the Present value = 15,000, and r = 0.06.

 

Solving this formula for t will require a logarithmic solution, the answer to which will be about 24 years.