Question

In the last 6 years the population of Manchester, England, has grown at a rate of 0.8% per year to 530,300. If this rate continues, what will be the population in 15 more years? Round your answer to the nearest whole number.

Answer 1

Given parameters:

Current population  = 530,300 people

Growth rate  = 0.8% per year

Unknown

Population in 15 more years  = ?

To solve this problem, we  must compound the increase per year.

This implies that we treat the problem like that of a compound interest.

Since we know that population increases by 0.8%,

                          it is similar to 1 + $\frac{0.8}{100}$  = 1.008 increase

Now the population in 15years will be;

                530300 x (1.008)¹⁵  = 597626 people

So, the population after 15yrs is 597626 people