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.
A
3,182
B
3,278
C
6,591
D
7,515
Verified Correct Answer: B.
Step-by-Step Mathematical Solution
Using P\(_n\) = P\(_o\)(1 + \frac{r}{100})^n\)
P\(_n\) = 3000(1 + \frac{3}{100})^3\)
= 3000(1.03)\(^3\) = 3278
Source: Myschool Past Questions Archive (Record #71769)