Answer: 137,375,958
Step-by-step explanation:
Exponential growth equation:
, where A = initial population , x= time , r =rate of growth.
As per given: r = 1.7% = 0.017
Population of Mexico in 2003 : A= 104900000
In 2019 , x = 2019-2003 = 16
Population in Mexico :
Population of Mexico in 2019 = 137,375,958
Dave will have $12,728 after 15 years, if he has $8000 to invest for 15 years. He finds a bank that offers an interest rate of 3.1% compounded monthly.
Step-by-step explanation:
The given is,
Investment = $ 8000
No. of years = 15 years
Interest rate, i = 3.1 %
( compounded monthly )
Step:1
For for calculating future value with compound interest monthly,
.................(1)
Where,
A = Future amount
P = Initial investment
r = Rate of interest
n = Number of compounding in a year
t = Time period
Step:2
From given values,
P = $8000
r = 3.1%
t = 15 years
n = 12 ( for monthly)
Equation (1) becomes,
A = $ 12728.48
Result:
Dave will have $12,728 after 15 years, if he has $8000 to invest for 15 years. He finds a bank that offers an interest rate of 3.1% compounded monthly.