Question

a town has a population of 17000 and grows at 4% every year. what will be the population after 5 years, to the nearest whole number?

Explanation:

Step1: Recall compound growth formula

The formula for compound population growth is $P = P_0(1 + r)^t$, where $P_0$ is initial population, $r$ is annual growth rate, $t$ is time in years.

Step2: Identify given values

$P_0 = 17000$, $r = 0.04$, $t = 5$

Step3: Substitute values into formula

$P = 17000(1 + 0.04)^5$

Step4: Calculate the growth factor

First compute $(1.04)^5 \approx 1.2166529024$

Step5: Compute final population

$P \approx 17000 \times 1.2166529024$

Answer:

20683