A town has a population of 10000 and grows at 2.5% every year. What will be the population after 7 years, to the nearest whole number?
To find the population after 7 years, we can use the formula for compound interest:
Population after 7 years = Population * (1 + growth rate)^number of years
Plugging in the values we have:
Population after 7 years = 10000 * (1 + 0.025)^7
Population after 7 years = 10000 * (1.025)^7
Population after 7 years = 10000 * 1.197190219
Population after 7 years ≈ 11971
The population after 7 years will be approximately 11971.