growth: [tex]a = p(1 + r) ^{n} [/tex] Use the general formula to find the population of 1,000 people after 5 years with an increasing at rate of 5% each year.
As you mentioned in the question -- growth: [tex]a = p(1 + r) ^{n} [/tex]
We plug in the data from the question into the formula to find our answer.
p = initial value = 1,000 people r = increasing rate = 5% = 0.05 (We've found this number by dividing by 100) n = amount of years = 5 a = outcome
[tex]a = 1000(1 + 0.05) {}^{5} \\ a = 1000(1.05) {}^{5} \\ a = 1276.28[/tex] Therefore the population consists of 1276 people after 5 years. ~ Hope this helps you!
