Solve the problem.
-A city is growing at the rate of 0.5% annually. If there were 3,110,000 residents in the city in 1,995, find how many (to the nearest ten-thousand) were living in that city in 2000. Use y = 3,110,000(2.7)0.005t
A) 3,190,000
B) 3,220,000
C) 8,400,000
D) 210,000

Question

Quizplus · Accepted Answer

The correct formula for exponential growth is $y = P(1 + r)^t$, where $P$ is the initial amount, $r$ is the rate of growth, and $t$ is the time in years. The given formula seems incorrect for this context, but assuming a correct interpretation of exponential growth, we calculate the population after 5 years (from 1995 to 2000) with a 0.5% annual growth rate. Using the correct approach: $y = 3,110,000(1 + 0.005)^5$, we find the population in 2000. The calculation yields a result close to 3,190,000 when rounded to the nearest ten-thousand, making option A the correct choice.

Solve the Problem. -A City Is Growing at the Rate of 0.5% Annually