Question

The population of Statesvilles in 2019, estimated to be around 24,800, and experiencing a growth rate of approximately 1% per year. If this growth trend persists, what is the projected population of Statesvilles in 2024?

Answer 1

Using the exponential growth formula, the projected population of Statesvilles in 2024, assuming a 1% growth rate, is approximately 26,070.

Step-by-step explanation:

To project the population of Statesvilles in 2024, we can use the formula for exponential growth: Final Population = Initial Population * (1 + growth rate)^number of years. With an initial population of 24,800 and a growth rate of 1% (or 0.01 as a decimal), the calculation over 5 years (from 2019 to 2024) would be:

• Final Population = 24,800 * (1 + 0.01)^5
• Final Population = 24,800 * (1.01)^5
• Final Population = 24,800 * 1.0510
• Final Population = 26,070.48

Therefore, the projected population of Statesvilles in 2024 is approximately 26,070.