In a certain town, the population is 10,000 and it grows at a rate of 4% per year. What is the expected population after 2 years?
We can solve this problem using the formula for exponential growth of a population, which is .
Here's a breakdown of the steps:
Step 1: Identify the values of the variables
The initial population is .
The growth rate is , which we need to convert to a decimal by dividing by . So .
The number of years is .
Step 2: Plug the values into the formula
Substitute , , and into the formula :
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