Population

Question

The population of a small town in Maryland has grown at a constant rate over the last ten years. In 1998, the population was 305 people. If the population increased by 15% each year, what is the population in 2008

Answer 1

You can use the Future Value formula to solve this problem.

 

FV = Present value * (1 + r)^t where r = rate and t = time in years

 

So, our formula becomes FV = 305 * (1 + .15)¹⁰, which becomes FV = 305 * (1.15)¹⁰ = 305 * (4.045) ≅ 1,234