The population of a certain city was 10200 on January 1 2013

The population of a certain city was 10,200 on January 1, 2013. If the population increases by 8 % per ear for the next 3 years, which of the following best approximates the population of the city on January 1, 2016, Include given values, i.e., the formula for population (or decay), etc.

a) 10,000(0.8)^3

b) 10,200(0.08)^3

c) 10,200(1.08)^3

d) 10,200 + (0.8)(3)

e) 10,200 + (1.08)(3)

c) 10,200(1.03)^

Solution

We know that formula

P= Po (1+r) ^t

Given Po = 10,200 , t= 3, r= 0.08

Hence

P = 10,200 (1+0.08)^3

=> P = 10,200 (1.08)^3

C is the correct option