Suppose the population of a town is 500,000 in 1990. The population increases at a rate of 5% every five years. What will be the population of the town in 2005? Round your answer to the nearest whole number.
P = Principal = 500, 000 r = rate as a decimal = 5%/100 = 0.05 increase every 5 years t = time in years = 2005 - 1990 = 15/5 = 3 intervals Now, just plug everything into the formula to get 578,813!
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