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?
pop(1.05^5) = 3104
pop = 3104/1.05^5 = ....
2432?
Thanks dude I got it :)
yes
To find the population of Circletown 5 years ago, we can use the formula for compound interest. In this case, the annual rate of population growth can be thought of as the interest rate, and the population 5 years ago can be thought of as the initial amount.
The formula for compound interest is given by:
P = P0 * (1 + r)^n
Where:
P is the final population (3104)
P0 is the initial population we want to find
r is the annual growth rate (5% or 0.05)
n is the number of years (5)
Using the formula, we can rearrange it to solve for P0:
P0 = P / (1 + r)^n
Now, let's plug in the values:
P0 = 3104 / (1 + 0.05)^5
Calculating this expression, we find:
P0 ≈ 3104 / 1.27628
P0 ≈ 2430.43
Therefore, the population of Circletown 5 years ago was approximately 2430 people.