The population of the city in 15 years is 517,500.
<h3>What is future value?</h3>
The worth of a current asset at the a future date depending on to an estimated rate of growth is known as future value (FV).
Some key features of the future value are-
- Using the FV calculation, investors can properly assume the profit of an investment.
- Because market volatility and uncertainties about future investing conditions, determining the FV of an investment can be difficult.
- There are two methods for calculating an asset's FV: simple interest and compound interest.
- Future value and present value are diametrically opposed; the former estimates what something would be worth at a future date, while the latter calculates what anything at a future date is worth today.
Now, the same concept is used to determine the future value of the population;
The formula for future value;
FV = P (1 + r)^n
- FV = Future value
- P = Present value ( =250,000)
- R = interest rate ( = 5%)
- N = number of years ( = 15)
Substituting the values in the formula;
FV = 250,000 (1 + 0.05)^15
FV = 517,500
Therefore, the population of this city in 15 years is 517,500.
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