Question

Suppose a city with population 700,000 has been growing at a rate of 8​% per year. If this rate​ continues, find the population of this city in 24 years. The population in 24 years will be approximately

Answer 1

Answer:

$700000 {(1 \times 0.08)}^{24}$

answer will be 4438826.516

Answer 2

The approximate population of the city after 24 years is 4,438,826.52  

Given:

The population of the city = 700,000      

The rate of growth in population = 8%

Number of years = 24 years

To find:

The population in 24 years will be approximately  

Solution:

Formula used:

Amount (A) = P (1+R/100)^t

From the data,

The initial population of city P = 700,000      

Rate of interest, r = 8%

Time period, t = 24  

Using the above formula,

Population of the city after 24 years = 700000(1+8/100)²⁴

= 700000(1.08)²⁴  

= 4,438,826.52    

Therefore,

The approximate population of the city after 24 years is 4,438,826.52    

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