If the population of a town increases from 20,000 to 25,000 in 5 years, what is

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Question: If the population of a town increases from 20,000 to 25,000 in 5 years, what is the annual growth rate?

Options:

Correct Answer: 5%

Solution:

The growth rate is calculated as ((25000 - 20000) / 20000) / 5 * 100 = 5%.

If the population of a town increases from 20,000 to 25,000 in 5 years, what is the annual growth rate?

If the population of a town increases from 20,000 to 25,000 in 5 years, what is the annual growth rate?

Step 1: Identify the initial population, which is 20,000.
Step 2: Identify the final population, which is 25,000.
Step 3: Calculate the increase in population by subtracting the initial population from the final population: 25,000 - 20,000 = 5,000.
Step 4: Divide the increase in population (5,000) by the initial population (20,000) to find the growth factor: 5,000 / 20,000 = 0.25.
Step 5: To find the growth rate per year, divide the growth factor (0.25) by the number of years (5): 0.25 / 5 = 0.05.
Step 6: Convert the growth rate from a decimal to a percentage by multiplying by 100: 0.05 * 100 = 5%.

Percentage Growth Rate – The calculation of the growth rate as a percentage over a specific time period.
Basic Arithmetic Operations – Understanding how to perform subtraction, division, and multiplication in the context of growth calculations.
Time Period Consideration – Recognizing that the growth rate must be annualized when given a multi-year period.