Question
Download Solution PDFThe population of a town increases by 16% each year. If the population at the beginning of this year is 18,750, what will the population be at the end of next year?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Current population at the beginning of this year (P) = 18,750
Annual increase rate (R) = 16%
Time period (n) = 2 years (end of next year means two years from the beginning of this year)
Formula Used:
Population after n years with a constant annual increase rate = \(P(1 + \frac{R}{100})^n\)
Calculation:
\(P_2 = 18750(1 + \frac{16}{100})^2 = 18750(1.16)^2\)
P2 = 18750 × 1.3456
P2 = 25230
The population at the end of next year will be 25,230.
Last updated on Jun 2, 2025
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