A town has a population of 14000 and grows at 5% every year. What will be the population after 14 years, to the nearest whole number?
A town has a population of 14000 and grows at 5% every year. What will be the population after 14 years, to the nearest whole number?
14,000 x 1.05 end of 1st year
14,000 x 1.05 x 1.05 end of 2nd year
14,000 x 1.05 x 1.05 x 1.05 end of 3rd year
14,000 x 1.05 x 1.05 x 1.05 x 1.05 end of 4th year
and so on. You keep multiplying the previous amount by 1.05 until
you've got to the end of the 14th year. This can be expressed as
14,000 x 1.0514 which works out to 27,719.
