The City of South Bay has a current
population of 85 000. If the city is
increasing at a rate of 7.25% per year,
calculate the future population in 8 years
time. Round to the nearest person.
what is 85000(1.0725)^8 ??
To calculate the future population of the City of South Bay in 8 years' time, we can use the formula for compound interest:
Future Population = Current Population * (1 + Growth Rate)^Number of Years
In this case, the current population is given as 85,000 and the growth rate is 7.25%. We need to calculate the future population in 8 years.
First, we convert the growth rate to decimal form by dividing it by 100:
Growth Rate = 7.25% / 100 = 0.0725
Now we can substitute the values into the formula and calculate the future population:
Future Population = 85,000 * (1 + 0.0725)^8
Calculating this, we get:
Future Population = 85,000 * (1.0725)^8 ≈ 117,669.26
Rounding to the nearest person, the future population of the City of South Bay in 8 years' time will be approximately 117,669 people.