Question

The population of Austin is growing at a rate of 6% per year. In 2015, the population was 650,000. What would be the predicted current population for 2020?

Answer 1

the predicted current population for 2020 is 869,830 people

Explanation:

Population in 2015 = 650,000

Using the population in 2015 as the initial population, we will be using the exponential growth formula:

f(t) = a(1 + r)^t

where r = rate of growth = 6%

a = initial population = 650,000

t = number of years

number of years between 2015 and 2020 = 2020 - 2015 = 5 years

t = 5 years

f(t) = the total population in a particular year

$\begin{gathered} f(5)\text{ = }650,000(1+6perecent)^{} \\ =\text{ }650,000(1+0.06)^5 \end{gathered}$$\begin{gathered} f(5)=\text{ }650,000(1.06)^5 \\ =\text{ }650,000\times1.3382 \\ f(t)\text{ = 869830} \\ \end{gathered}$

Hence, the predicted current population for 2020 is 869,830 people