The population of Red Hook is growing at a rate of 3.5% per year. If it’s current population is 12,500, in how many years will the population exceed 20,000? Round your answer to the nearest year.

14 years approx.

Step-by-step explanation:

Apply a variation of the compound interest formula:

A = P(1 + r)^t

Let A = 20000 = 12500(1 + 0.03)^t

We are to find t.

Dividing both sides of the above equation by 12500 yields:

1.6 = 1.03^t

Taking the logarithm of both sides, we get:

log 7500 = t log 1.035, which works out to:

 log 1.6

= t = 13.66 years or 14 years approximately

 log 1.03

what do you need me to answer?

step-by-step explanation: