A towns population is estimated to increase by 13% per year. Population is 20,000. What will be the population in 9 years?
20000 * 1.13^9 = 60080
Can you further explain this? Not sure if it's the way it is written
P = Po(1+r)^9
P = 20,000(1+0.13)^9 = 60,080.84.
To determine the population in 9 years, we need to calculate the compounded growth over time. The formula to calculate the compounded growth is:
P = P₀ * (1 + r)^n
Where:
P is the future population
P₀ is the initial population (20,000)
r is the growth rate (13% or 0.13)
n is the number of years (9)
Using the formula, we can calculate the population in 9 years as follows:
P = 20,000 * (1 + 0.13)^9
Calculating this equation will give us the estimated population in 9 years. Let's do the math:
P ≈ 20,000 * (1.13)^9
P ≈ 20,000 * 1.9683
P ≈ 39,366
Therefore, the estimated population in 9 years will be approximately 39,366.