Question

The 1989 population of Mexico was estimated at 87,000,000. The annual growth rate is 2.4%. When will the population reach 100,000,000 (to the nearest year)?

Answer 1

6years

Explanation:

In 1988, the population of Mexico was 87,000,000. If the annual growth rate is 2.4% then annual population increase is expressed as;

2.4% of 87,000,000

= 2.4/100×87,000,000

= 2.4×870,000

= 2,088,000populations

In order to know when the population will reach 100,000,000, first we will find the population margin

Populating margin = 100,000,000 - 87,000,000

= 13,000,000

Since the population increases yearly by 2,088,000, this means the population will reach 100,000,000 after (13,000,000/2,088,000) years i.e 6.22years

The population will reach 100,000,000 after 6.22years.

The population will reach 100,000,000 after 6years (to the nearest year)

Answer 2

6 years

Explanation:

To find the number of years to reach a population of 100,000,000, you can use the following formula:

n= ln(FV/PV)/ln(1+r)

n= number of periods

FV= future value

PV= present value

r= rate

n= ln(100,000,000/87,000,000)/ ln(1+0.024)

n= 0.139/0.0237

n= 5.86 ⇒ 6

The population will reach 100,000,000 in 6 years.