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

Brian Petty

Brian Petty

Answered question

2023-02-07

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

Answer & Explanation

chaghirun

chaghirun

Beginner2023-02-08Added 7 answers

Every year, there is a 15% increase. Naturally, this implies that we multiply the current population by 1.15 each year.
The population starts at 95. (2015)
After the first year (2016) it will be 95 × 1.15
After the second year (2017) it will be ( 95 × 1.15 ) × 1.15
After the third year (2018) it will be ( ( 95 × 1.15 ) × 1.15 ) × 1.15 etc...
This is a rather simple recurrence relation meaning that we can write it as 95 × 1.15 y e a r
2023 - 2015 = 8 is the number of years
95 × 1.15 8 will give us our answer.
95 × 1.15 8 290.6071719412 people.
Now that it is clear that we cannot have fractions of people, rounding it to an integer makes sense. 291

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