Assume the population of Lakeville is increasing at a rate of 9% per year
If the population of Lakeville is 8,000 today, what will the population be in 3 years?

Question

Assume the population of Lakeville is increasing at a rate of 9% per year
If the population of Lakeville is 8,000 today, what will the population be in 3 years?

thadyoung · Answer

if it increases 9% per year, that means it would increase by 27% in the forthcoming years. So, you do the math. 

27% of 8000 is?

danjs · Answer

the increase is compounded,   the second increase will be 109% of 109% of the original population

danjs · Answer

new value = (start value)*(rate of change)^(periods)

danjs · Answer

exponential function

danjs · Answer

$$P _{n} = P _{initial}*r^n$$

the initial population is 4000
n is the year number from the start n = 1,2,3,4...
r is the rate of change, here it is 1.09, 9%increase

anonymous · Answer

5832?

danjs · Answer

In n years, the population will be

$$P _{n} = 8000*(1.09)^n$$

anonymous · Answer

10360

danjs · Answer

yeah, see each increase in year you tack on another multiple of 1.09

danjs · Answer

3rd year
8000(1.09)(1.09)(1.09)