A country's current population is 100 million with an annual growth rate of 3.5%. If the growth rate remains constant, what will be the population in 40 years?
Accepted Solution
A:
Answer:395,925,972 or 396 millionStep-by-step explanation:Since the population growth rate is 3.5 annual that implies that the increase in population has to be recalculated at the end of each year (i.e. it is not a constant amount like a 100 people or a 1000 people but it changes every year)To solve this problem we will use the following equation [tex]P_{t} = P_{0} (1 + r)^t[/tex]Where[tex]P_{n}[/tex] is population at year 't'[tex]P_{0}[/tex] is initial population i.e. 100 million[tex]r[/tex] is growth rate is a fraction i.e. 3.5/100[tex]t[/tex] is years passed i.e. 40Now all we have to do is plugin the values [tex]P_{40} = 100000000 (1 + \frac{3.5}{100} )^4^0[/tex]The answer is 395,925,972