Question

A country's population in 1995 was 142 million. In 1998 it was 148 million. Estimate the population in 2013 using the exponential growth formula. Round your answer to the nearest million

Answer 1

Let x be the annual growth rate, expressed as a decimal.
$148=142(1+x)^{3}$
$1+x= \sqrt[3]{1.04225} =1.01389$
the number of years between 1998 and 2013 is 15 years. The estimated population in 2013 is given by:
$148(1.01389)^{15}=182\ million$
The answer is 182 million.