Question

growth:
$a = p(1 + r) ^{n}$
Use the general formula to find the population of 1,000 people after 5 years with an increasing at rate of 5% each year.

Answer 1

Hi there!

As you mentioned in the question -- growth:
$a = p(1 + r) ^{n}$

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

$a = 1000(1 + 0.05) {}^{5} \\ a = 1000(1.05) {}^{5} \\ a = 1276.28$
Therefore the population consists of 1276 people after 5 years.
~ Hope this helps you!