Question

Statesville's population in 2010 was about 24,800, and was growing by about 1.2% each year. If this continues, what will Statesville's population be in 2017? [Round to the nearest person.]

Answer 1

To answer this question we will use the following formula for compounded growth:

`P=P_0(1+r)^t,`

Where P₀ is the initial population, r is the yearly rate of growth as a decimal number, and t is the number of years.

Substituting P₀=24,800, r=0.012, and t=7 we get:

`P=24800(1+0.012)^7\text{.}`

Simplifying the above result we get:

`\begin{gathered} P=24800(1.012)^7, \\ P\approx26960. \end{gathered}`

Answer: In 2017, Statesville's population will be about 26,960.