Question

3 The average growth rate of the population of a city is 2% per year. The city's population is now 654,000. What will it be in 5 years?

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Answer 1

Answer:
The population in 5 years will be 722,069.

Steps:
This is an example of exponential growth.
The formula for exponential growth is
P(t)= a(1 + r)^t

We are given
a = 654000
r = 2/100
t = 5

Let’s evaluate the population after 5 years.
P(5) = 654000( 1 + 0.02)^5
P(5) = 654000(1.02)^5
P(5) = 654000 * 1.27628156
P(5) = 722068.845

Round to nearest whole number.
722069