Question

Solve. round the answer to the nearest whole number. suppose a city with oopulation 250,000 has been growing at a rate of 5% per year. if this rate continues, find the population of this city in 15 years.

Answer 1

The population of the city in 15 years is 517,500.

What is future value?

The worth of a current asset at the a future date depending on to an estimated rate of growth is known as future value (FV).

Some key features of the future value are-

• Using the FV calculation, investors can properly assume the profit of an investment.
• Because market volatility and uncertainties about future investing conditions, determining the FV of an investment can be difficult.
• There are two methods for calculating an asset's FV: simple interest and compound interest.
• Future value and present value are diametrically opposed; the former estimates what something would be worth at a future date, while the latter calculates what anything at a future date is worth today.

Now, the same concept is used to determine the future value of the population;

The formula for future value;

FV = P (1 + r)^n

• FV = Future value
• P = Present value ( =250,000)
• R = interest rate ( = 5%)
• N = number of years ( = 15)

Substituting the values in the formula;

FV = 250,000 (1 + 0.05)^15

FV = 517,500

Therefore, the population of this city in 15 years is 517,500.

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