Question

A country's population (in millions) and the growth rate (%) in 2015 are given below. Use this information and an exponential model to estimate the country's population in the specified year.population = 243 milliongrowth rate = 0.86% year is 2032.the country's population in 2032 will be _____ million (round to nearest hundredth as needed)

Answer 1

For this exercise you can use the following formula:

$P=P_0(1+r)^t^{}$

Where "P" is the final population, "r" is the rate of growth (in decimal form), "t" is time, and this is the initial population:

$P_0$

According to the information given in the exercise, the country's population in 2015 is 243 million. Then:

$P_0=243,000,000$

The rate of growth is 0.86%, so you need to divide it by 100 in order to express it in decimal form:

$r=\frac{0.86}{100}=0.0086$

Since the must find the population in 2032, you can identify that:

$t=2032-2015=17$

Then, substituting values into the formula and evaluating, you get:

$\begin{gathered} P=243,000,000\cdot(1-0.0086)^{(17)} \\ P=281,079,167.511 \end{gathered}$

Therefore, the answer is, rounded to the nearest hundredth:

$281.08$