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Yuri [45]
3 years ago
14

The population of a city is 310​,000 and is increasing at a rate of 4.5​% each year. Approximately when will the population reac

h 620​,000? ​ (Use a compound growth​ model.)
Business
1 answer:
iogann1982 [59]3 years ago
7 0

Answer:

Approximately after 15 years the population will reach 620,000

Explanation:

Population at start : 310,000

Rate by which the population is increasing: 4.5%

Population after n years is calculated under the next equation:

P=Po(1+r)∧n

620,000=310,000(1+ 0.045<u>)</u>∧n

2= (1+ 0.045<u>)</u>∧n

log(2)=nlog (1+ 0.045<u>)</u>

<u>log(2)</u>=nlog (1.045)

log(2)/log(1.045)=n

n= 15

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a.

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