The population of a town increases by 3% every year. In the year 2000, the population was 3000. Find the population in the year 2003.
- 3,182
-
3,278
- 6,591
- 7,515
The correct answer is: B
Explanation
Using P\(_n\) = P\(_o\)(1 + \frac{r}{100})^n\)
P\(_n\) = 3000(1 + \frac{3}{100})^3\)
= 3000(1.03)\(^3\) = 3278