A population of 110,000 grows 3% per years 15 years. How much will the population be after 15 years?

Question

A population of 110,000 grows 3% per years 15 years. How much will the population. How much will the population be after 15 years? Terms of x

Answer 1

If the population grow 3% per year for 15 years then you would multiply 110,000 by ( 1+ (.03)/1)^15 which equals 171,376.this is basically using the compound interest formula where final population equals initial population times (1+r/n)^nt r is the rate which is 3% and n is the number or times 3% is applied which would be 4 for quarterly or 2 for semi annually and 1 for annually... In our case n is 1 and t is the number of years it is applied for which is 15 in our case.... Therefore we have

110000 ( 1+ .03/1)^((1)(15))

A = 171,376.42

A = P + I where

P is initial population = 110,000.00

I is total growth in population = 61,376.42