A town has a population of 10000 and grows at 5% every year. What will be the population after 5 years, to the nearest whole number?
Question
Solution 1
To solve this problem, we can use the formula for compound interest, which is also applicable to population growth. The formula is:
P = P0 * (1 + r)^n
where:
- P is the future population
- P0 is the initial population
- r is the growth rate (in decimal form)
- n is the number of years
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