Statesville’s population in 2010 was about 24,600, and was growing by about 1% each year. If this continues, what will Statesville’s population be in 2017
We can use the formula for exponential growth:
P(t) = P0(1 + r)^t
Where:
P(t) = population after t years
P0 = initial population
r = annual growth rate (in decimal form)
t = number of years
Using the given information, we can plug in the values and solve for P(7), the population after 7 years (2010 + 7 = 2017):
P0 = 24,600
r = 0.01
t = 7
P(7) = 24,600(1 + 0.01)^7
P(7) = 24,600(1.01)^7
P(7) = 24,600(1.072)
P(7) ≈ 26,395.2
Therefore, Statesville’s population in 2017 will be approximately 26,395.
To calculate Statesville's population in 2017, we need to find the population growth for each year from 2011 to 2017 and add it to the initial population of 24,600.
Step 1: Calculate the population growth for each year since 2010.
Population growth for each year = Initial population * Growth rate
Population growth for each year = 24,600 * 1% = 246
Step 2: Calculate the population in 2017 by adding the population growth for each year to the initial population.
Population in 2017 = Initial population + (Population growth for 2011 + Population growth for 2012 + ... + Population growth for 2017)
Population in 2017 = 24,600 + (246 + 246 + 246 + 246 + 246 + 246 + 246)
Population in 2017 = 24,600 + (1,722)
Population in 2017 = 26,322
Therefore, Statesville's population in 2017 would be approximately 26,322.