The population of a town is increasing at a rate of 2.8% per year. In 2001 the town had a population of 34,229. Find the population of the town in 2013

The population of the town in 2013 is 47,677. (to the nearest whole number)

Step-by-step explanation:

To calculate this, we will compare the increase to the increase of the present value of an amount of money invested in 2001, increasing at an annual percentage rate of 2.8%, to yield the future value worth a certain amount in 2013. To calculate, the formula below is used:

FV =

where:

FV = Future Value = ???

PV = present value = 34,229

i = interest in decimal = 2.8% = 0.028

n = frequency of compounding period per year = 1

t = number of compounding years = 2001 to 2013 = 12 years.

FV =

FV = 34,229 × (1.028)¹²

FV = 47,677.29 = 47,677 (to the nearest whole number)

the furthest the dog can be is 508 meters away from the house, and the closest he can be is 492 meters away from the house.