Question

A town has an annual growth rate of 2%. In 1970, the population was 250 people. What was its population in 2020?

Answer 1

In 2020 the population would be 673.

Explanation:

Giving the following information:

Current population (PV)= 250

Growth rate (g)= 2% annualy

Number of periods (n)= 2020 - 1970= 50 years

To calculate the number of people in 2020, we need to use the following formula:

FV= PV*(1+g)^n

FV= 250*(1.02^50)

FV= 672.89 = 673