Answer:
B: 2029
Step-by-step explanation:
Interest Formula
[tex]A=P(1+r)^n[/tex]
A= amount
P= initial amount
r= rate/percentage
n= years
All we have to do is plug in the numbers from the word problem to get:
[tex]20,612(0.018+1)^{n} =25,000[/tex]
From here we solve for n:
[tex](1.018)^n=\frac{25,000}{20,612} \\(1.018)^n=1.213\\[/tex]
Get the natural log (ln) of both sides:
[tex]n=\frac{ln(1.213)}{ln(1.018)}[/tex]
n is approximately 10.823
n is the number of years it will take for the population to reach 25,000 people.
2019+10
=2029
