Question

A city has a population of 220,000 people. Suppose that each year the population grows by 7.25%. What will the population be after 13 years?

Answer 1

Answer: 546496.76

Explanation:

Given the following :

Current population = 220,000

Population growth rate per year = 7.25%

Population size after 13 years =?

Using the compounding formula :

A = P(1 + r)^t

Where ;

A = final population size

P = current population size

r = growth rate

t = time or period

A = P(1 + r)^t

A = 220,000 ( 1 + 7.25/100)^13

A = 220,000 ( 1 + 0.0725)^13

A = 220,000 (1.0725)^13

A = 220,000(2.484076)

A = 546496.760

The population will be about 546,497 people