Question

At the end of 2022 , the total world population was 7.852 billion people. Population experts predict that this number will grow at a compound rate of 1.18% annually over the next 24 years. If that growth rate is correct, what will be the world population (in billions) in 24 years (i.c., in 2046)? Enter your answer in billions, rounded to 3 decimal places; for example, enter 11.12793 billion as 11.128.

Answer 1

To estimate the world population in 2046 with an annual growth rate of 1.18%, the compound interest formula yields a future population of approximately 10.376 billion people, rounded to three decimal places.

Step-by-step explanation:

To calculate the future world population in 2046, based on a compound annual growth rate of 1.18%, we can use the formula for compound interest: P = P0 * (1 + r)^t, where P is the future value, P0 is the initial value, r is the growth rate, and t is the time in years.

The initial world population at the end of 2022 is 7.852 billion. The time span is 24 years and the annual growth rate is 1.18% (or 0.0118 in decimal form).

Using the formula:
P = 7.852 billion * (1 + 0.0118)^24

Calculating this gives us:

P = 7.852 * (1.0118)^24
= 7.852 * 1.3217
= 10.376 billion (rounded to three decimal places)

Therefore, the estimated world population in 2046 would be approximately 10.376 billion people.