The formula to calculate the population size after a certain number of years is:
x(t)=x0×(1+r)t
where x(t) is the final population after time t, x0 is the initial population, r is the rate of growth, and t is the total time (number of years).
Population growth is defined as the percentage increase in a population over a given time period. It is calculated using the initial population, the growth rate, and the time period.
Let's assume we have the following values:
Step 1: Calculate the growth factor:
(1+0.05)10≈1.6289
Step 2: Multiply the initial population by the growth factor:
1000×1.6289≈1628.89
Therefore, the population after 10 years is approximately 1628.89.