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In 2015, the population of a small town in Florida is 95. If he population increases 15% every year, approximately what will the population be in 2023?

Answer :

The population is increasing every year. so we use exponential growth function

[tex] y=a(1+r)^x [/tex]

Where 'a' is the initial population

r is the rate of increase

x is the years

y is the final population

In 2015, the population of a small town in Florida is 95

Initial population a= 95

r= 15%= 0.15

x = 2023 - 2015 = 8 years

Plug in all the values and find out y

[tex] y=a(1+r)^x [/tex]

[tex] y=95(1+0.15)^8 [/tex]

y = 290.607

The population in 2023 is 291

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