A population of 1,000 rabbits grows at a rate of 5% per year. How many rabbits will there be after 3 years?
We can use the formula for compound interest (which also applies to population growth in this case) to solve this problem.
The formula is , where:
is the final amount (the number of rabbits after years).
is the initial population, which is rabbits.
is the growth rate expressed as a decimal. Here, .
is the number of years, and in this case years.
Now we substitute these values into the formula:
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