Question

A town has a population of 10000 and grows at 5% every year. What will be the population after 5 years, to the nearest whole number?

Answer 1

Population after 1 year:

$10000\cdot0.05+10000=10000\cdot1.05$

We see to find the population after 1 year we should multiply the initial population by 1.05. Then the population after 5 years can be obtained if we multiply the initial population by $(1.05)^5$ :

$10000\cdot(1.05)^5\approx12762.81\approx12763$