Monday

September 22, 2014

September 22, 2014

Posted by **Corleone** on Friday, June 5, 2009 at 10:04pm.

- math -
**Reiny**, Friday, June 5, 2009 at 10:14pmthe calculation is

25000(1.03)^10

which on a calculator is a piece of cake

If you have to use "compound interest tables ??" you probably have a column for 4%, go down that table to the row n=10 to find 1.34392

multiply that by 25000

you should get $33597.91

- math -
**Reiny**, Friday, June 5, 2009 at 10:15pmthe above contains a typo, I obviously meant 3% in the third last line

- math -
**MathMate**, Friday, June 5, 2009 at 10:17pmCompound interest table for 3% p.a., compounded each year, obtained by multiplying the factor of the previous year by 1.03. The value is also equal to 1.03

^{n}where n is the number of years compounded.

Year growth factor

0 1.0000

1 1.0300

2 1.0609

3 1.0927

4 1.1255

5 1.1593

6 1.1941

7 1.2299

8 1.2668

9 1.3048

10 1.3439

After 10 years, the population is

25000*1.3439

=33598

=34000 (to the nearest thousand).

- math -
**MathMate**, Friday, June 5, 2009 at 10:20pmOops, it does not seem to like pasting from Excel!

Here is the compound interest table:

year growth factor

0 1.0000

1 1.0300

2 1.0609

3 1.0927

4 1.1255

5 1.1593

6 1.1941

7 1.2299

8 1.2668

9 1.3048

10 1.3439

After the tenth year, the population is

25000*1.3439

=33598

=34000 (to the nearest thousand)

- math -
**MathMate**, Friday, June 5, 2009 at 10:24pmOK, I give up pasting!

The growth factor for 10 years is 1.3439.

Multiply this with 25000 gives 33598, and rounding to the nearest thousand gives 34000.

**Answer this Question**

**Related Questions**

math - The population of a small town is modelled by the function p(t)= 20(4t+3...

MATH - 4. The population of a small town is modelled by the function p(t)= 20(4t...

MATH - 4. The population of a small town is modelled by the function p(t)= 20(4t...

math - Suppose that the population of a town is described by P=0.16t^2=7.2t=100...

Advance Functions - The population of a small town is modeled by the function p(...

URGENT MATH - The population of town A increases from 1,346 to 1,500. In the ...

Math - The population of town A increases from 1,346 to 1,500. In the same ...

math - The Population of a town increased by 80% in 5 years. If the population ...

MATHS - The population of town A increases from 1,346 to 1,500. In the same ...

math - Suppose that the population of a town is described by P=0.16t^2+7.2t+100...