The of population Oak Forest is increasing at a rate of 2% a year. If the population is 64,242 today, what will it be in 3 years?
Year zero population
=64242
Year one population
=64242*1.02
Year two population
=64242*1.02^2
Year three population
=64242*1.02^3
To find the population in 3 years, we can use the formula for compound interest:
Future Value = Present Value × (1 + Growth Rate)^Time
In this case, the present value (population today) is 64,242, the growth rate is 2% (which can be written as 0.02), and the time is 3 years.
Plugging these values into the formula, we get:
Future Value = 64,242 × (1 + 0.02)^3
Calculating the exponent first:
Future Value = 64,242 × (1.02)^3
Now we can calculate the expression inside the parentheses:
Future Value = 64,242 × 1.061208
Multiplying these two numbers:
Future Value ≈ 68,404.859536
Therefore, the population of Oak Forest will be approximately 68,405 in 3 years.
To find the population in 3 years, you need to calculate the population growth over the given time period. The growth rate is given as 2% per year, which means that the population will increase by 2% each year.
To calculate the population in 3 years, you can use the formula for exponential growth:
Population = Initial Population * (1 + Growth Rate/100)^(Number of Years)
Given that the initial population (today) is 64,242 and the growth rate is 2%, we can plug these values into the formula:
Population = 64,242 * (1 + 2/100)^(3)
Now let's simplify the equation step by step:
Population = 64,242 * (1 + 0.02)^(3)
Population = 64,242 * (1.02)^(3)
Population = 64,242 * 1.061208
Population ≈ 68,258.45
Therefore, the population in Oak Forest will be approximately 68,258 in 3 years.