Question

Jersey village population in 1950 was 10,173. The population increases by 8.9% every 10 years. Predict the population in 2020

Answer 1

Future Value= 18,478 people

Explanation:

eGiving the following information:

Present value (PV)= 10,173

Growth rate (g)= 0.089 every 10 years

Number of periods (n)= 7

To calculate the population in 2020, we need to use the following formula:

FV= PV*(1 + g)^n

FV= 10,173*(1.089^7)

FV= 18,478 people