I have two questions--
1.What is the population of a town after 6 years if it is increasing annually by 3.5%. The population is at 6,000 people right now.
I did6000x(1+0.035)^6 = 7375.53 or 7376 people
2. The value of car is 28,000 dollars. If car depreciate at 20% per year, what is the value after 6 years. Thank you
First answer is correct
for the 2nd, find 28000(1 - .2)^6
I got $7340.03
Thank you
To calculate the population of a town after a certain number of years with an annual growth rate, you can use the formula:
Population = Initial Population × (1 + Growth Rate)^Number of Years
For the first question, you have an initial population of 6,000 and an annual growth rate of 3.5%. Plugging these values into the formula, you get:
Population = 6,000 × (1 + 0.035)^6
Calculating this expression, you would get the population after 6 years.
In this case, you correctly calculated it as 7,375.53 or 7,376 people.
For the second question, you want to calculate the value of a car after 6 years if it depreciates at a rate of 20% per year. To calculate the new value, you can use the formula:
Value = Initial Value × (1 - Depreciation Rate)^Number of Years
In this case, the initial value is $28,000 and the depreciation rate is 20%. Plugging these values into the formula, you get:
Value = $28,000 × (1 - 0.20)^6
Simplifying this expression, you can calculate the value of the car after 6 years.