SOLUTION: he crime rate of a certain city is increasing by exactly 2% each year. If there were 350 crimes in the year 1990 and the crime rate remains constant each year, determine the ap

Algebra ->  Logarithm Solvers, Trainers and Word Problems -> SOLUTION: he crime rate of a certain city is increasing by exactly 2% each year. If there were 350 crimes in the year 1990 and the crime rate remains constant each year, determine the ap      Log On


   

Question 1104635: he crime rate of a certain city is increasing by exactly
2% each year. If there were
350 crimes in the year 1990 and the crime rate remains constant each year, determine the approximate number of crimes in the year
2021
Answer by Theo(13342) About Me  (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 the number of time periods.

350 crimes in 1990, so p = 350.

rate = 2% / 100 = .02 per year.
n = 2021 - 1990 = 31 years.

f = 350 * (1.02)^31 = 646.6560855 in the year 2021.

that's approximately 647.