Question

The population of a city has been increasing by 2% annually. In 2000, the population was 315,000. Predict the population of the city in 2020. Round your answer to the nearest thousand.​

Answer 1

In 2020 there will be 468,073 people.

Explanation:

Giving the following information:

Growth rate (g)= 2% = 0.02

Population 2,000= 315,000

Number of periods (n)= 20 years

To calculate the population in 2020, we need to use the following formula:

FV= PV*(1+g)^n

FV= 315,000*(1.02^20)

FV= 468,073

In 2020 there will be 468,073 people.