Question

Suppose a country has a population of 50 million and projects a growth rate of 4% per year for the next 20 years. What will the population of this country be in 11 years? (Round your answer to two decimal places.)

Answer 1

Answer:

The population of this country in 11 years will be 76972702.82

Step-by-step explanation:

The population of this country in 11 years can be calculated using the formula

Population in 11 years =  Starting population x $(1+growth rate)^{period}$

Thus

Population in 11 years =50000000×$(1+0.04)^{11}$ =76972702.82

Answer 2

The population of this country in 11 years will be 76.97 million.

In order to determine the population of a country in 11 years, this formula would be used:

FV = P (1 + r)^n

• FV = Future value of the population = 50 million  
• P = Present population
• R =rate of growth = 4%
• N = number of years = 11

50 million x (1 + 0.04)^11

= 50 million x (1.04)^11

= 76.97 million

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