Question

The population of Salt Lake City, Utah, in 2013 was approximately 191,180. If the population increases at an annual rate of 1.1%, which of th 1 following best approximates the population of Salt Lake City in 2020 ?

Answer 1

The population of Salt Lake City in 2020 would be approximately 206,220.

Explanation:

To approximate the population of Salt Lake City in 2020 based on an annual growth rate of 1.1%, we can use the formula for compound interest:

P = P₀ * (1 + r)^n

Where:

P = Final population

P₀ = Initial population (191,180)

r = Annual growth rate (1.1% or 0.011)

n = Number of years (2020 - 2013 = 7)

Plugging in the values:

P = 191,180 * (1 + 0.011)^7

Calculating the population:

P ≈ 191,180 * (1.011)^7

P ≈ 191,180 * 1.079854

P ≈ 206,220

Therefore, the population of Salt Lake City in 2020 would be approximately 206,220.

Answer 2

To approximate the population of Salt Lake City in 2020, we can use the formula for compound interest:

A = P(1 + r)^t

where A is the final amount, P is the initial amount, r is the annual interest rate as a decimal, and t is the number of years.

In this case, P = 191,180, r = 0.011 (1.1% expressed as a decimal), and t = 7 (since we're looking for the population in 2020, which is 7 years after 2013).

Plugging in these values, we get:

A = 191,180(1 + 0.011)^7
= 220,892.18 (rounded to the nearest whole number)

Therefore, the best approximation for the population of Salt Lake City in 2020 is 220,892.