Suppose a city with population 600,000 has been growing at a rate of 4% per year. If this rate continues, find the population of this city in 22 years.
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Part 1
The population in 22 years will be approximately ?
(Round to the nearest whole number as needed.)
To find the population in 22 years, we need to use the formula for exponential growth:
P = P0 * (1 + r)^t
Where:
P is the final population
P0 is the initial population
r is the growth rate (expressed as a decimal)
t is the number of years
In this case, P0 is 600,000, r is 0.04 (4% expressed as a decimal), and t is 22. Plugging these values into the formula, we get:
P = 600,000 * (1 + 0.04)^22
Calculating this, we get:
P ≈ 1,150,891.78
Rounding to the nearest whole number, the population of the city in 22 years would be approximately 1,150,892.