Question

Suppose a city with population 400,000 has been growing at a rate of 8% per year. If this rate continues, find the population of this city in 16 years. The population in 16 year will be approximately...? ​

Answer 1

1,370,377

Explanation:

the formula to be used is :

FV = P (1 + r) n

FV = Future value

P = Present value

R = interest rate

N = number of years

400,000 x (1.08)^16 = 1,370,377