A city has a population of 370,000 people. Suppose that each year the population grows by 7%. What will the population be after 15 years? Round your answer to the nearest whole number.

Answer 1

A = Pe^rt

P = 370,000

r= .07

t=15

e = an irrational number, almost 3

A = the ending population

A= 370,000e^.07(15)

= 370,000e^1.05

= 1,057,331 rounded to nearest integer

this assumes continual growth, which seems realistic given people are born and die every day in a large city

if for some reason the growth were just once a year then

A = 370,000(1+.07)^15 = 1,020,842

general formula is

A = P(1+r/n)^nt with n= number of compounding periods per year

as n approaches infinity, then the formula collapses to

A = Pe^rt which also is very close to

A = P(1+.07/365)^365(15) with growth every day