Question

The annual

The present population of
of a town is 66550. If the annual population growth
rate is 10% what was
the Population growth of town 3 years ago ?

Answer 1

Population (t=-3)= 50,000

Explanation:

Giving the following information:

Annual growth rate (g)= 10%

Number of periods (n)= 3 years

Present Value (PV)= 66,550 people

To calculate the population three years ago, we need to use the following formula:

Population (t=-3)= PV / (1 + g)^n

Population (t=-3)= 66,550 / (1.1^3)

Population (t=-3)= 50,000