Question

It has been estimated that the population of Indianapolis is growing at a rate of 0.9% per year. Assuming that population growth continues at this rate and the population of Indianapolis was 1,988,817 in January of 2016, estimate the expected population of Indianapolis in January of 2024.

Answer 1

2,136,605

Explanation:

To estimate growth, we use the formula shown below:

`F=P(1+r)^t`

Where

F is the future amount (we want to find for Jan 2024)

P is the present amount (present population of 1,988,817)

r is the rate of growth (0.9% means 0.009)

t is the time in years (from Jan 2016 to Jan 2024 is 8 years, t = 8)

Let's put these into the formula and figure out F:

`F=P(1+r)^t\\F=1,988,817(1+0.009)^8\\F=2,136,604.5`

Rounding we get the population in Jan 2024 to be 2,136,605