Question

The population of a city is 100,000 and the annual growth rate is of 4.2%. Write an equation to model the population y after x years.

Answer 1

y= 100,000*(1.042^x)

Explanation:

Giving the following information:

Present Value= 100,000 people

Growth rate (g)= 4.2% per year

To calculate the future value (y) of the in any given year (x), we need to use the following formula:

y= PV*(1 + g)^x

y= 100,000*(1.042^x)

For example, for 5 years:

y= 100,000*1.042^5

y= 122,839.66 = 122,839