Answer:
The population of the town in 2013 is 47,677. (to the nearest whole number)
Step-by-step explanation:
To calculate this, we will compare the increase to the increase of the present value of an amount of money invested in 2001, increasing at an annual percentage rate of 2.8%, to yield the future value worth a certain amount in 2013. To calculate, the formula below is used:
FV = [tex]PV ( 1 + \frac{i}{n}) ^{n*t}[/tex]
where:
FV = Future Value = ???
PV = present value = 34,229
i = interest in decimal = 2.8% = 0.028
n = frequency of compounding period per year = 1
t = number of compounding years = 2001 to 2013 = 12 years.
FV = [tex]34,229(1+\frac{0.028}{1} )^{(1*12)}[/tex]
FV = 34,229 × (1.028)¹²
FV = 47,677.29 = 47,677 (to the nearest whole number)
