The population of Circletown has been growing at an annual rate of 5% for the last 5 years. The population is now 3104 people. What was the population of Circletown 5 years ago?
3104 = p (1 + .05)^5
log(3104) - 5 log(1.05) = log(p)
So what would be the answer?
p is the population 5 yrs ago
you do know how to work a calculator, yes?
what is the answer? And no I do not have a calculator so just tell me the answer
To find the population of Circletown 5 years ago, we need to calculate the population growth over the past 5 years.
Since the population has been growing at an annual rate of 5% for each year, we can use the formula for compound interest:
Final Population = Initial Population * (1 + growth rate)^number of years
Let's denote the initial population as P and the growth rate as r. We also know that the final population of Circletown is 3104 people after 5 years.
So, we have:
3104 = P * (1 + 0.05)^5
To solve for P, we need to isolate it on one side of the equation. Let's do the calculations:
P = 3104 / (1 + 0.05)^5
Using a calculator, we can solve this equation:
P = 3104 / 1.2762
P ≈ 2428.37
Therefore, the population of Circletown 5 years ago was approximately 2428 people.