Question

Five years ago, the town of Mayberry had a population 1532. The town has grown at 11.05% per year. What is the current population?

Answer 1

Treat it liker a deposit of $1532 with an interest rate of 11.05% compounded annually for 5 years.

Answer 2

Where the rate is .1105
Population = 1,532 * (1+r)^n (number of years)
Population = 1,532 * (1.1105)^5
Population = 1,532 * 1.688856752
Population = 2,587.33