the population of a town is 20,000 and it grows at a rate of 5% per year.What will the population be in 4 years

Answer 1

If the town has 20,000 now, then, it will have 1.05(20,000) at the end of year 1

1.05{ (1.05(20,000) } at the end of year 2 etc

So, the formula would be 20,000(1.05)ⁿ where n = the number of years.

So, at the end of the 4th year, this would be (20,000)(1.05)⁴ = 1.2155(20,000) = 24,310

Answer 2

This problem involves exponential growth.

t = number of years elapsed since the population was 20,000

P(t) = population at time t

P(t) = P₀ (1.05)^t = 20,000 (1.05)⁴ = ?