Suppose the population of a town is 100,00 in 1999. The population increases at a rate of 4.5% every year. What will be the population of the town in 2005? Round your answer to the nearest whole number.

I've been stuck on this problem for some time now and could really use some help! Also, if you could explain how you got your answer so I can learn that would be great! Thank you!

Question

Suppose the population of a town is 100,00 in 1999. The population increases at a rate of 4.5% every year. What will be the population of the town in 2005? Round your answer to the nearest whole number. 

I've been stuck on this problem for some time now and could really use some help! Also, if you could explain how you got your answer so I can learn that would be great! Thank you!

wolf1728 · Answer

Population = 100,000 *1.045^n (n is number of years since 1999.
So, the population in 2005 (where n=6) is 130,226

anonymous · Answer

Thank you so much!

wolf1728 · Answer

I based the formula on the compound interest formula which is
Total amount = (Beginning amount) * (1 + rate)^years