To find the population at the end of the year 2000 when it increases at a rate of 5% per year, you can use the formula for compound interest. In this case, the population growth can be considered as compounding annually. The formula to calculate the future value is:
FV = PV * (1 + r)^n
Where:
FV = Future Value (population at the end of the year 2000)
PV = Present Value (population in 1997)
r = Annual growth rate (5% or 0.05 as a decimal)
n = Number of years (2000 - 1997 = 3 years)
Now, plug in the values:
FV = 20,000 * (1 + 0.05)^3
FV = 20,000 * (1.05)^3
FV = 20,000 * 1.157625
FV ≈ 23,152.50
So, the population at the end of the year 2000 would be approximately 23,152.50.
Answers & Comments
Answer:
23,152.50
Step-by-step explanation:
To find the population at the end of the year 2000 when it increases at a rate of 5% per year, you can use the formula for compound interest. In this case, the population growth can be considered as compounding annually. The formula to calculate the future value is:
FV = PV * (1 + r)^n
Where:
FV = Future Value (population at the end of the year 2000)
PV = Present Value (population in 1997)
r = Annual growth rate (5% or 0.05 as a decimal)
n = Number of years (2000 - 1997 = 3 years)
Now, plug in the values:
FV = 20,000 * (1 + 0.05)^3
FV = 20,000 * (1.05)^3
FV = 20,000 * 1.157625
FV ≈ 23,152.50
So, the population at the end of the year 2000 would be approximately 23,152.50.