Katherine S.

asked • 04/19/16

Growth rate

272 (1.019)t
WHat is the growth rate?
What population is expected in 2022?

Chloe W.

Original population = 272
Growth rate = 1.019 = 101.9%    (= 100% + 1.9% = 1.9% increase rate)
t = number of years
 
t = 2022 - 2016 = 6 years
 
substitute into formula: in 2022,            = 272 (1.019)6 = 305 people (to the nearest person)
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04/20/16

1 Expert Answer

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Joseph C. answered • 04/20/16

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Joseph, Trilingual instructor, Paso Robles, CA
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This information looks like a partial statement of Future Value, which is Future Value = Present Value (1 + rate)t
 
The rate is the value shown inside the parentheses, namely 0.019 or 1.9%
 
In order to answer the question, we need a starting year, but no starting year was given. As an example, if the starting year is 2016, then t = 2022 - 2016 = 6
 
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