Suppose a city with population 545 comma 000 has been growing of a rate of 4% per year. If this rate continues, find the population of this city in 12 years.
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Part 1
The population of this city in 12 years will be
enter your response here.
(Round to the nearest whole number as needed.)
To find the population of the city in 12 years, we need to calculate the growth rate over that time period.
First, we will convert the growth rate of 4% to decimal form by dividing it by 100:
4/100 = 0.04
Next, we can use the formula for exponential growth:
Population after 12 years = Initial population * (1 + growth rate)^time
Plugging in the given values, we get:
Population after 12 years = 545,000 * (1 + 0.04)^12
Calculating this expression, we find:
Population after 12 years ≈ 844,523 (rounded to the nearest whole number)
Therefore, the population of this city in 12 years will be approximately 844,523.