The Total Population after five years will be 13,700 people
What is Compound Interest?
Compound interest is the adding of interest to the principle sum of a loan or deposit, or interest on interest plus interest. It is the outcome of reinvesting interest, or adding it to the lent capital, rather than paying it out or requesting payment from the borrower, so that interest is received on the principle sum plus previously accrued interest in the next month. In finance and economics, compound interest is the norm.
Solution:
To solve the problem mentioned we need to use the concept of compound interest:
Principal = 10,000
Annual Growth Rate = 6.5%
Time = 5 years
Amount = Principal * ((100+Rate)/100)^Time
Total Population after 5 years = 10,000 * (106.5/100)^5
= 10,000 * (1.065)^5
= 10,000 * 1.37008
= 13,700
To learn more about Compound Interest from the given link
https://brainly.com/question/24274034
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