If a sample consists of the following data values, what is the sample mean?
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Given:
a.) The population of Arizona is estimated to increase by 6.2% every year.
b.) The population was 4.18 million in 2016.
For us to be able to determine the population in 2022, we will be using the following formula:
Where,
P = Total population after time (t)
P₀ = Starting population = 4.18 million
r = Growth rate (in decimal form) = 6.2%/100 = 0.062
t = time (in years) = 2022 - 2016 = 6 years
e = Euler's number = 2.71828182845
We get,
Therefore, the population in 2022 will be approximately 6,063,646.