If the population in 1996 was 5235, what was the population in 2000? What will it be in 2020?

Question

The population of a town is growing at the rate of 7% per year. If the population in 1996 was 5235, what was the population in 2000? What will it be in 2020?

Answer 1

A=P(1+7%)^t

A=5235(1.07)^4

A=5235(1.31079601)

A=6862 people

A=5235(1.07)^24

A=5235(5.072366953)

A=26,553 people