Question

The population of a town was 489 in 1970. The population has been growing at a rate of 23 percent each year. What is the population of the town in the year 1995

Answer 1

86,484

Explanation:

The population growth can de determined by using this formula

The formula for calculating future value:

FV = P (1 + r)^n

FV = Future value

P = Present value = 489

R = interest rate 23

N = number of years =1995 - 1970 = 25

489 x ( 1.23)^25 = 86,484