math

posted by .

suppose the population of a town increases by 3% each year. the population of the town today is 25,000. use compound interest table to find its population ten years from now. (must give the answer to the nearest thousand)

  • math -

    the 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 -

    the above contains a typo, I obviously meant 3% in the third last line

  • math -

    Compound 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 1.03n 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 -

    Oops, 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 -

    OK, 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.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. math

    The Population of a town increased by 80% in 5 years. If the population is currently 18,000, find the population of this town 5 years agao. (Round to the nearest whole, if necessary). please send formula of this equation
  2. math

    Suppose that the population of a town is described by P=0.16t^2=7.2t=100, where P is the population in thousands and t is the time in years, ( with t=o representing the year 2000). A. what will the population be in 2010?
  3. MATH

    4. The population of a small town is modelled by the function p(t)= 20(4t+3)/2t+5 , where P(t) is the population, in thousands, and t is time, in years, since the start of 1990. a) Is the population currently increasing or decreasing?
  4. MATH

    4. The population of a small town is modelled by the function p(t)= 20(4t+3)/2t+5 , where P(t) is the population, in thousands, and t is time, in years, since the start of 1990. a) Is the population currently increasing or decreasing?
  5. math

    The population of a small town is modelled by the function p(t)= 20(4t+3)/2t+5 , where P(t) is the population, in thousands, and t is time, in years, since the start of 1990. a) Is the population currently increasing or decreasing?
  6. Advance Functions

    The population of a small town is modeled by the function p(t)=20(4t+3)/2t+5, where P(t) is the population, in thousands, and t is time, in years, since the start of 1990. The town will need its own transit system if the population …
  7. Math

    The population of the town increase at the rate of 4 percent every year. If the present population of the town is 500000 ,compute the population of the town after 3 years.
  8. Algebra 2 help please.

    The function f(t)=2150⋅(1.04)t models the population of a town after t years. What does 2150 represent in this situation?
  9. math

    The population of town N increases every year by 2%. What will be the population of this town in 3 years if it is currently nine hundred thousand people. (Round the answer to a whole number.) Please help
  10. math

    The population of town N increases every year by 2%. What will be the population of this town in 3 years if it is currently nine hundred thousand people. (Round the answer to a whole number.)

More Similar Questions