Question

18. A city has a population of 320,000 people. Suppose that each year the population grows by 4.75%. What will bethe population in 15 years? (Round your answer to the nearest whole number)

Answer 1

We would apply the formula for exponential growth which is expressed as

A = P(1 + r)^t

where

A is the population after t years

P is the initial population

r is the interest rate

t is the number of years

From the information given,

P = 320000

r = 4.75% = 4.75/100 = 0.0475

t = 15

By substituting the values into the formula, we have

A = 320000(1 + 0.0475)^15

A = 320000(1.0475)^15

A = 641890

The population after 15 years is 641890