Question

The growth rate of Las Vegas is about 3.5% per year. If the population in 2010 was 1.35 million, what would be the expected population in 2020?

Answer 1

Expected population= 1,904,308 people

Explanation:

Giving the following information:

Present Value (PV)= 1,350,000

Number of periods (n)= 10 years

Growth rate (g)= 0.035 per year

To calculate Future Value (FV), we need to use the following formula:

FV= PV*(1 + i)^n

FV= 1,350,000*(1.035^10)

FV= 1,904,308 people