Question

Population of Jacksonville was 3810 and 2010 and is growing at an annual rate of 3.5% if the growth rate continues what will the approximate population in 2023

Answer 1

FV= 5,958.67 = 5,959

Explanation:

Giving the following information:

Current population (Present Value)= 3,810

Growth rate (g)= 3.5% annual

Number of periods (n)= 13 years

To calculate the future number of people (FV), we need to use the following formula:

FV= PV*(1+i)^n

FV= 3,810*(1.035^13)

FV= 5,958.67 = 5,959