Question

One estimate of the population of the world on January 1, 2005, is 6,486,915,022. The population is estimated to be increasing at the rate of 1.4% per year. At this rate, what will the population of the world be on January 1, 2026? Round your answer to the nearest whole number.

Answer 1

The answer is 8,686,308,783.

To calculate this, we will use the equation for exponential function:
$y=x(r+1) ^{n}$
y - the future population
x - the current population
r - the rate of increasing the population
n - the number of years

It is given:
x = 6,486,915,022
r = 1.4% = 0.014
n = 2026 - 2005 = 21

Therefore:
$y= x(r+1)^{n} =6,486,915,022*(0.014+1) ^{21} = 8,686,308,783$