Question

Suppose a city with population 800,000 has been growing at a rate of 5% per year. If this rate continues, find the population of this city in 22 years

Answer 1

2,340,208.5 or 2,340,209

Explanation:

You could answer this by multiplying the current population of 800,000 by 1.05 (1.05 represents the annual growth rate of population) and do that 22 times. But that would take a while.

we got 1.05 because the formula says that y = a( 1 + r ) power t

for a we will give it 1

so y = 1 ( 1 + 0.05) power t

it will give us 1.05

to do this faster, you would first calculate (1.05)22and then multiply this by 800,000.

So, 800,000 x (1.05)22 = 2,340,208.5 or 2,340,209