The population of a small town was 1500 at the beginning of 2007. Assuming an average growth rate of 2.3% per year, what will the population be at the beginning of 2015?

Question

Quizplus · Accepted Answer

The population growth over 8 years (from 2007 to 2015) can be calculated using the formula for compound interest, P = P0(1 + r)^n, where P0 is the initial population, r is the annual growth rate (as a decimal), and n is the number of years. Substituting the given values: P = 1500(1 + 0.023)^8 ≈ 1799.

The Population of a Small Town Was 1500 at the Beginning