A town has a population of 11,000 and grows 4% every year. What will be the population after 15 years to the nearest whole number?

Answer 1

A town has a population of 11,000 and grows 4% every year. What will be the population after 15 years to the nearest whole number?

It did NOT say compounded annually........etc. so just use simple exponential growth

A=P(1+r)^x

A=11000(1+0.04)^15

A=19810.37

A≈19,810

You can also use another formula too in this problem. A=P(1+r/n)^nt. I invite you to check my answer for the title "why compounded annually problem can use y=a(b)^x, instead of A=P(1+r/n)^nt ?"

y=a(b)^x is derived from A=P(1+r)^x. There are 4 types of exponential formula and if you reach out me, I can help you to understand some tricky problems related exponential function and when you can use both formula.....etc. I have whole package of how to resolve confusing when it comes to different type of exponential function. If American way confusing, I can help you with Chinese way.

I hope this helps!

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Answer 2

This is an example of exponential growth.

P(t) = 11,000 (1.04)^t

t = years elapsed since P was 11,000

Now plug in t=15 and get P(15).