djo57bgfrqn
2022-10-23
Answered

Suppose a country has a population of 50 million and projects a growth rate of 3% per year for the next 20 years. What will the population of this country be in 10 years?

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Ramiro Sosa

Answered 2022-10-24
Author has **13** answers

Use the following formula to find the population of the country be in 10 years.

$$P={P}_{0}(1+\frac{r}{100}{)}^{n}$$

Now substitute the above values,

$$P={P}_{0}(1+\frac{r}{100}{)}^{n}\phantom{\rule{0ex}{0ex}}P=50(1+\frac{3}{100}{)}^{10}\phantom{\rule{0ex}{0ex}}P=50(1+0.03{)}^{10}\phantom{\rule{0ex}{0ex}}P=50(1.03{)}^{10}\phantom{\rule{0ex}{0ex}}P=67.1958\phantom{\rule{0ex}{0ex}}P\approx 67.20$$

Therefore, the population will be 67.20 millions in ten years.

$$P={P}_{0}(1+\frac{r}{100}{)}^{n}$$

Now substitute the above values,

$$P={P}_{0}(1+\frac{r}{100}{)}^{n}\phantom{\rule{0ex}{0ex}}P=50(1+\frac{3}{100}{)}^{10}\phantom{\rule{0ex}{0ex}}P=50(1+0.03{)}^{10}\phantom{\rule{0ex}{0ex}}P=50(1.03{)}^{10}\phantom{\rule{0ex}{0ex}}P=67.1958\phantom{\rule{0ex}{0ex}}P\approx 67.20$$

Therefore, the population will be 67.20 millions in ten years.

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