Question

2.a. The population of Ghana was 26,786,000 in the year 2015 and is expected tocontinue its population growth rate of 2.3% per year, assuming annual compounding. Define variablesand write a function that models the population. Then use the function to determine what year thepopulation will reach approximately 50 million.b. Show step-by-step how this problem can be solved algebraically.1itleaming oraldersal Teacher Resource fromid=141733322

Answer 1

Since we are dealing with annual compounding, we need to get an expression like this one:

$A=P(1+\frac{r}{n})^{nt}$

Where A is the final amount, P is the initial amount, r is the rate, n the number of times the rate is applied per time period, and t is the number of periods.

Now, we need to identify those elements in the problem:

$\begin{gathered} P=26786000 \\ r=0.023\text{ per year} \\ A=50000000 \\ n=1 \end{gathered}$

With that information, we obtain the equation below:

$undefined$