Question

according to the U.S. census bureau, the population of Hawaii in 2010 was 1,360,301 and it was growing at an annual rate of 1.2%. Predict the population in Hawaii in 2032

Answer 1

By applying the formula for the compound interest,
`FV_(N) = PV_(N) * (1+r)^(N)`, because of the same logic we could calculate population in 2032. According to the formula, we can write that: 1,360,301 * (1+0.012) ^
`{22}` = 1,768,505.