Question

in 1997 the population of a small town was 700. If the annual rate of increase is about 0.8%, which value below expresses the population five years later? a.(700)(0.008)^5 B.(700)(1.08)^5 c.(700)(0.08)^5 D. (700)(1.008)^5

Answer 1

Answer:

D

Step-by-step explanation:

$P(1+r\%)^t$

$700 \times (1+0.8\%)^5$

$700 \times (1+0.8/100)^5$

$700 \times (1+0.008)^5$

$700 \times (1.008)^5$

Answer 2

The value expresses the population five years later is (700)(1.008)^5.

We have given that in 1997 the population of a small town was 700.

The annual rate of increase is about 0.8%.

We have to find the population for 5 years

What is the formula for future value?

$F=P(1+r)^t$

Here p=700

r=0.8/100=0.008

t=5

Use the above value in the formula so we get,

$F=700(1+0.008)^5$

$F=700(1.008)^5$

Therefore option D is correct.

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