SOLUTION: The population of a local high school has grown over the past three years from 7,054 to 7,741 students. What has been the rate of increase over that time period? Use the equation A

Question 253302: The population of a local high school has grown over the past three years from 7,054 to 7,741 students. What has been the rate of increase over that time period? Use the equation A = P(1 + r)t to model the growth where A is the population at the end of a specific length of time, P is the initial population, r is the rate of growth expressed as a decimal, and t is the time in years. Round to the nearest hundredth of a percent
Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
The population of a local high school has grown over the past three years from 7,054 to 7,741 students. What has been the rate of increase over that time period? Use the equation A = P(1 + r)t to model the growth where A is the population at the end of a specific length of time, P is the initial population, r is the rate of growth expressed as a decimal, and t is the time in years. Round to the nearest hundredth of a percent.
.
The problem gives the equation:
A = P(1 + r)^t
.
And it also gives:
A = 7,741
P = 7,054
t = 3
.
Plug everything in and solve for r:
A = P(1 + r)^t
7741 = 7054(1 + r)^3
7741/7054 = (1 + r)^3
1.0974 = (1 + r)^3
1.0315 = 1 + r
.0315 = r
or
3.15% = r
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