7) A town has a population of 12,000 and grows at 5% every year.
What will be the population after 12 years?
To calculate the population after 12 years, we can use the formula for exponential growth:
Population after 12 years = 12,000 * (1 + 0.05)^12
Population after 12 years = 12,000 * (1.05)^12
Population after 12 years = 12,000 * 1.822
Population after 12 years = 21,864
Therefore, the population of the town after 12 years will be 21,864.