Question

In 2007, the population of Tallahassee, Florida was 168,979. Some researchers believe that the population of Tallahassee will increase at a rate of 1% each year. If this is correct, how many years will it take for Tallahassee to reach a population of 180000. Round appropriately and write units. ​

Answer 1

Number of year in which population will be 180,000 = 6 year (Approx.)

Explanation:

Given:

Population in 2007 = 168,979

Rate of increase in population = 1% = 0.01

Future population = 180,000

Find:

Number of year in which population will be 180,000

Computation:

A = P[1+r]ⁿ

Future population = Population in 2007[1+Rate of increase in population]ⁿ

180,000 = 168,979[1+0.01]ⁿ

180,000 = 168,979[1.01]ⁿ

1.06522 = [1.01]ⁿ

n = 6 (Approx.)

Number of year in which population will be 180,000 = 6 year (Approx.)