Question

A town has a population of 5600 in 2014. If the towns population increases at an annual rate of 1.8%, determine the towns population in 2020. *

Answer 1

Answer:

In 2020 the population will be 6,233.

Step-by-step explanation:

Giving the following information:

Present value (PV)= 5,600

Growth rate (g)= 1.8%

Number of periods= 6 years

To calculate the population in 2020, we need to use the following formula:

FV= PV*(1 + g)^n

FV= 5,600*(1.018^6)

FV= 6,232.67 = 6,233

In 2020 the population will be 6,233.