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Question

A citys population grows by about 1% each year. If the citys population is 63,000 people now, what will the population be in 4 years?

Answer 1

We will use the formula that Future Value = Present value x (1 + Rate)^Time

in the formula, the Rate will be expressed as a decimal.

 

In this case, Present value =63,000, Rate = 1% per year, and Time = 4 years

 

FV = 63,000 people x (1.01)⁴

 

FV =63,000 x 1.0406 ≅ 65,558 people