SOLUTION: A city has a population of 300,000 people. Suppose that each year the population grows by 4.25%. What will the population be after 15 years?

Question 1189751: A city has a population of 300,000 people. Suppose that each year the population grows by 4.25%. What will the population be after 15 years?
Found 2 solutions by Theo, ikleyn:
Answer by Theo(13342)   (Show Source): You can put this solution on YOUR website!
f = p * (1 + r) ^ n
f is the future value
p is the present value
r is the interest rate per time period
n is he number of time periods.

in this problem:
p = 300,000
r = 4.25% per year = .045 per year.
n = 15 years.

in this problem, the formula becomes f = 300,000 * (1 + .045) ^ 15 = 580,584.7329.

the population in 15 years will be 580,585.

Answer by ikleyn(52784)   (Show Source): You can put this solution on YOUR website!
.

            On the way of his calculations, @Theo made a mistake, which led him to wrong answer.

            I came to bring a correct solution.

After 15 years, the population will be = = 560096 (rounded to the closest integer value). ANSWER

Solved.

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If you want to see many other similar and different solved problems on population growth, look into the lesson
    - Population growth problems
in this site.

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    - ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lesson is the part of this online textbook under the topic "Logarithms".

Save the link to this online textbook together with its description

Free of charge online textbook in ALGEBRA-I
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to your archive and use it when it is needed.

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