3)The population for one decade is estimated by using the population from the previous decade and adding to it the average percent growth multiplied by the population from the previous decade. The mathematical model based on this description is given by:

P_n+1 = (1 + r)P_n,

Thus, the general solution of this model is given by

Growth factor for Strake company \ \

After one year the population would be 72000 + 0.048(72000) \ \

By factoring we see that this is 72000(1 + 0.048) \ \

Population after n decades expression is 72000(1.048). \ \

Option b is correct answer. \ \