what are the steps to finding the number

Question

A city has a population of 390,000. suppose that each year the population grows by 6.25%. what will the population be after 9 years?

Round to the nearest whole number

Answer 1

Hello Jarvis, Let's use the Future Value Formula.

FV= P(1+R)^N

^Where:

^P=390,000

^{R= 6.25% or 0.0625}

^{N= 9}

^{FV= 390,000(1+0.0625)^9}

^{FV= 390,0000 (1.0625)^9}

^{1.0625^9 =1.73 (rounded)}

^{FV= 390,000(1.73)}

^{FV= 674,700 (Or the future population after 9 years)}

^{Hope this helps.}