Question

HELP ASAP!!!!!!!!!!!

A city has a population of 330,000 people. Suppose that each year the population grows by 8.25%. What will the population be after 9 years?
Use the calculator provided and round your answer to the nearest whole number.

Answer 1

The population in 8 years will be 673,543 people.

Explanation:

Giving the following information:

Present Value (PV)= 330,000

Number of periods (n)= 9 years

Growth rate= 8.25% = 0.0825

To calculate the population in 8 years given a growth rate of 8.25% a year, we need to use the following formula:

FV= PV*(1 + g)^n

FV= 330,000*(1.0825^9)

FV= 673,542.6

The population in 8 years will be 673,543 people.