The population of a town is 120,000, and it is growing at a rate of 6% per year. Estimate the population after 5 years.
Show answer & explanation
Correct answer: B
Explanation
Given:
Initial Population = 120,000
Growth Rate = 6% per annum
Time = 5 years
According to the formula:
New Population = P(1 + r/100)^n
= 120,000(1.06)^5
= 120,000 × 1.3382
= 160,587