SOLUTION: In 2006 the population of the United States was 300.2 million (U.S. Census Bureau, www.census.gov). If the population continues to grow at an annual rate of 1.05%, then the popula

Algebra ->  Real-numbers -> SOLUTION: In 2006 the population of the United States was 300.2 million (U.S. Census Bureau, www.census.gov). If the population continues to grow at an annual rate of 1.05%, then the popula      Log On


   

Question 337399: In 2006 the population of the United States was 300.2 million (U.S. Census
Bureau, www.census.gov). If the population continues to grow at an annual rate of 1.05%, then the population in the year 2020 will be 300.2(1.0105)14 million.
a) Evaluate the expression to find the predicted population
in 2020 to the nearest tenth of a million people.
FV=PV* (1+r)^n
WHERE FV=FUTURE POPULATION IN 2020
WHERE PV =PRESENT POP 2006
R =RATE OF INCREASE
N=NUMBER OF YEARS
FV=?
PV=300.2
R = 1.0105%
N=14 YEARS
FV=300.2* (1+0105)^14
FV = 347.5 MILLIONS TO THE NEAREST TENTH
Answer by chiexpert(48) About Me  (Show Source):
You can put this solution on YOUR website!
FV=PV* (1+r)^n
WHERE FV=FUTURE POPULATION IN 2020
WHERE PV =PRESENT POP 2006
R =RATE OF INCREASE
N=NUMBER OF YEARS
FV=?
PV=300.2
R = 1.0105%
N=14 YEARS
FV=300.2* (1+0105)^14
FV = 347.5 MILLIONSS TO THE NEAREST TENTH