A statement of an employee’s biweekly earnings is given below. What is the employee’s gross pay?
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Given parameters:
Current population = 530,300 people
Growth rate = 0.8% per year
Unknown
Population in 15 more years = ?
To solve this problem, we must compound the increase per year.
This implies that we treat the problem like that of a compound interest.
Since we know that population increases by 0.8%,
it is similar to 1 + = 1.008 increase
Now the population in 15years will be;
530300 x (1.008)¹⁵ = 597626 people
So, the population after 15yrs is 597626 people