Question

A city had a population of 9,903 at the begining of 1953 and has been growing at 5.4% per year since then. (a) Find the size of the city at the beginning of 1984.

Answer 1

Answer: 50,562 people

Explanation:

The city population in the beginning of 1953 was 9,903.

Grows at 5.4% each year.

Population in beginning of 1984 can be acquired through compound interest.

Periods = 1984 - 1953 = 31 years

Population in 1984 = 9,903 * (1 + 5.4%)³¹

= 9,903 * 5.1057428421476776548111

= 50,562 people