What is m < M? enter your answer in the box
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Answer:
p = 497 ( to the nearest whole number)
Step-by-step explanation:
In order to do this calculation, we will apply the principle of accounting, where a certain amount is compounded periodically and yielding a future value. Compound interest is used because the percentage growth rate is added on the new amount gotten each year, and not on the first or original amount.
Hence:
FV = PV ×
where FV = future value = population in 2020 = 810
PV = present value = population in 2010 = p
r = percentage growth rate in decimal = 5% = 5/100 = 0.05
n = growth rate period per year = once = 1
t = time in years = 2010 to 2020 = 10 years
∴
(dividing both sides by 1.6289)
p = 810 ÷ 1.6289 = 497.2 = 497 (to the nearest whole number)
∴ population in 2010 = 497