Problema Solution
The population of a country that you want to sell your product to is increasing at a rate of 5% per year. If the population is currently 7,000,000, what will be the population in 12 years?
Answer provided by our tutors
The population now is: 7,000,000 = 7*10^6
The population in 1 year will be: 7*10^6 + 0.05*7*10^6 = 1.05*7*10^6
The population in 2 years will be: (1.05^2)*7*10^6
The population in 12 years will be: (1.05^12)*7*10^6 = 12,570,994