Step-by-step explanation:
Let the population after 10 years be x.
[tex] \therefore \: x =25000 \times (1 + \frac{3}{100} )^{10} \\ \\ \therefore \: x = 25000 \times (1 + 0.03 )^{10} \\ \\ \therefore \: x =25000 \times (1.03 )^{10} \\ \\ \therefore \: x = 25000 \times 1.34391638 \\ \\ \therefore \: x =33,597.9095 \\ \\ \therefore \: x \approx \: 33598[/tex]
Thus, the population of the town after 10 years would be 33598.
Answer: The population after 10 years is 33500
Step-by-step explanation:
The current population of the town is 25000. It increases at a rate of 3%
The formula for compound interest is expressed as
A = P(1+r/n)^nt
Where
A represents the final value at the end of t years.
t represents time in years.
n represents the periods of increase.
r represents growth rate
P represents initial or current value.
From the information given,
r = 3%
t = 10 years
Looking at the compound interest table, the columns represents the growth rate while the the rows represents the number of years.
Therefore, the compound interest multiplier for 3% and 10 years is 1.34
Therefore
The population after 10 years would be
1.34 × 25000 = 33500
