Question

Suppose that the population of deer in a state is 7,700 and is growing 3% cach year. Predict the population

after 5 years

Answer 1

Future Value= 8,927

Explanation:

Giving the following information:

Present Value (PV)= 7,700

Growth rate (g)= 3%

Number of periods (n)= 5 years

To calculate the future value (FV) of the population after 5 years, we need to use the following formula:

FV= PV*(1 + g)^n

FV= 7,700*(1.03^5)

FV= 8,927