Solve the problem.
-A town has a population of 10,000 people and is increasing by 10% every year. What will the population be at the end of 5 years?
A) 14,641 people
B) 6105 people
C) 15,000 people
D) 16,105 people

Question

Quizplus · Accepted Answer

The population increases by 10% each year, which can be calculated using the formula for compound interest: P = P0(1 + r)^t, where P0 is the initial population, r is the rate of increase, and t is the time in years. Here, P0 = 10,000, r = 0.10, and t = 5. So, P = 10,000(1 + 0.10)^5 = 10,000(1.10)^5 = 16,105.1, which rounds to 16,105 people.

Solve the Problem. -A Town Has a Population of 10,000 People and Is