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A city has a population of 320,000 people. Suppose that each year the population grows by 3.5%. What will the population be after 12 years?

Use the calculator provided and round your answer to the nearest whole number.

Verified Answer :

Summey

First find what 3.5% is of 320,000 is. That is 11,200. If it grows by 3.5% each year for twelve years, then it is growing by 11,200 * 12. Over 12 years the growth is 134,400. Total population would then be 320,000 + 134,000 so 454,400.

Answer is 483,542

Compound Interest:

The formula for compound interest is   \(A = p(1 + \frac{r}{n} )^{nt}\)

where P is the principal balance

r is the interest rate

n is the number of times interest is compounded per time period.

t is the number of time periods.

(Given),

P = 320,000

n = 1

t = 12

r = 3.5% = 3.5 / 100 = 0.035

\(A = 320,000 (1 + 0.035)^{12}\)

\(A = 320000(1.035)^{12}\)

A = 483,541.970 (approx)

A = 483,542 (Rounded to the nearest whole number).

Learn more about Compound Interest here:

https://brainly.com/question/9497845?referrer=searchResults

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