Question

The population of a town in 2000 was 430. The population is increasing at a rate of 0.9% every year. What will be the projected population of the town in 2010? Round your answer to the nearest whole number.

Answer 1

Year 1 Pop ............ ...430
Year 1 increase(.9%)...430 x 0.009 = 3.87
Year 2 Pop ...............:433.87
Year 2 increase(9%)....433.87 x 0.009 = 3.90483
Year 3 Pop................437.77483

but, Pop in Yr 1 = 430 + 0.9% or 430(1+0.9%) = 433.87
Pop in Yr 2 = 430(1+0.9%)^2 = 437.77483
Therefore:
Pop in Yr 10 = 430(1+0.9%)^10 = 470.3055653
Rounded to nearest whole number = 470