The population of Ourtown, Saskatchewan is expected to grow at a rate of 2.5% per year for the next five years. If the current population is 11,763 what is it expected to be in five years?
A) 13,233
B) 12,057
C) 16,555
D) 13,309
E) 10,364

Question

Quizplus · Accepted Answer

The population in five years can be calculated using the formula for compound growth: P = P0(1 + r)^t, where P0 is the initial population, r is the growth rate per period, and t is the number of periods. Substituting the given values: P = 11763(1 + 0.025)^5 ≈ 13309.

The Population of Ourtown, Saskatchewan Is Expected to Grow at a Rate