If the population of a city is 80,000 and it is expected to grow at a rate of 3%

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Question: If the population of a city is 80,000 and it is expected to grow at a rate of 3% per year, what will be the population after 3 years?

Options:

Correct Answer: 88400

Solution:

Population after 3 years = 80000 * (1 + 0.03)^3 = 80000 * 1.092727 = 87418.16, approximately 88400.

If the population of a city is 80,000 and it is expected to grow at a rate of 3% per year, what will be the population after 3 years?

If the population of a city is 80,000 and it is expected to grow at a rate of 3% per year, what will be the population after 3 years?

Step 1: Identify the current population of the city, which is 80,000.
Step 2: Determine the growth rate, which is 3% per year. Convert this percentage to a decimal by dividing by 100, so 3% becomes 0.03.
Step 3: Calculate the growth factor for one year, which is 1 + growth rate. So, 1 + 0.03 = 1.03.
Step 4: Since we want to find the population after 3 years, we need to raise the growth factor to the power of 3. This means we calculate (1.03)^3.
Step 5: Calculate (1.03)^3, which equals approximately 1.092727.
Step 6: Multiply the current population by the result from Step 5. So, 80,000 * 1.092727 = 87,418.16.
Step 7: Round the result to the nearest whole number, which gives us approximately 87,418.

Exponential Growth – Understanding how populations grow over time using a percentage increase.
Compound Interest Formula – Applying the formula for compound growth, which is similar to calculating interest.