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Solve this population growth problem

atownhasapopulationof12000andgrowsat5%everyyear.whatwillbethepopulationafter12years

Population Growth Logic

We model our population growth equation, P(t) using the following variables:

P₀ as our initial population, p as our percent growth, and t as the units of time.

Our Population Growth Formula is:

P(t) = P₀(1 + p)^t

We are given the following values:

P₀ = 12000, p = 0.05, and t = 12

Since the population increases, we add p = 0.05

Using our given values, our population model is:

P(t) = 12000(1 + 0.05)^t

P(t) = 12000(1.05)^t

The problem asks for P(12)

P(12) = 12000(1.05)¹²

P(12) = 12000(1.7958563260221)

P(12) = 21550.275912266

Round our answer: