Population of Jacksonville was 3810 and 2010 and is growing at an annual rate of 3.5% if the growth rate continues what will the approximate population in 2023
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Population of Jacksonville was 3810 and 2010 and is growing at an annual rate of 3.5% if the growth rate continues what will the approximate population in 2023
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Answer:
FV= 5,958.67 = 5,959
Step-by-step explanation:
Giving the following information:
Current population (Present Value)= 3,810
Growth rate (g)= 3.5% annual
Number of periods (n)= 13 years
To calculate the future number of people (FV), we need to use the following formula:
FV= PV*(1+i)^n
FV= 3,810*(1.035^13)
FV= 5,958.67 = 5,959