Question

Suppose a city with population 900,000 has been growing at a rate of 7% per year. If this rate continues, find the population of this city in 19 years

Answer 1

Future population in 19 years = 3,254,580 people (Approx.)

Explanation:

Given:

Current population of city = 900,000

Growth rate of population = 7%

Number of year = 19

Find:

Future population in 19 years

Computation:

A = P[1+r]ⁿ

Future population = Current population[1+g]ⁿ

Future population in 19 years = 900,000[1+7%]¹⁹

Future population in 19 years = 900,000[1+0.07]¹⁹

Future population in 19 years = 900,000[1.07]¹⁹

Future population in 19 years = 900,000[3.6162]

Future population in 19 years = 3,254,580

Future population in 19 years = 3,254,580 people (Approx.)