The population of a city in 2010 was 4.2 million and the relative growth rate was estimated at 2.4% per year.

Question

Assuming that the city's population follows an exponential growth model, find the projected city population in 2026.

Answer 1

I'm using interest: fv=p(1+.int/c)^(nt)

4.2*10^6(1+.024)^(16)

6.138306877*10^6

future value

premium

int

compound

yrs

times per yr