Question

A population of 24,500 people has been increasing at a rate of 1.8% a year. What will be the population in 15 years if it continues at that rate? 

Answer 1

The exponential growth formula for caclulating exponential growth is y = a(1 + r)^x

In this formula

Y is equal to the future value

a is equal to the present value

r is equal to the rate of growth

x is equal to the number of periods of growth

 

If we put in what we know we get the following

y = 24,500(1 + .018)^15

This can be simplifyed to give the value of y

(1.018)^15 = 1.306822701

Multiply that by 24,500 to get

y = 32017 people