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The most recent census for a city indicated that there were 940,494 residents. The population of the city is expected to increase at an annual rate of 3.8 percent each year for the next 14 years. What will the population be at that time?

Answer :

Final answer:

The question is about calculating an anticipated population growth of a city over a period of 14 years with a given annual growth rate of 3.8%. Using the compound interest formula, the estimated population after 14 years is approximately 1,396,781 residents.

Explanation:

The most recent census for a city indicated that there were 940,494 residents. The population of the city is expected to increase at an annual rate of 3.8 percent each year for the next 14 years. To calculate the city's future population, we can use the formula for compound interest due to its similarity with population growth. This formula is P = P0 * (1 + r) ^ t, where P represents the future population, P0 is the initial population, r is the rate of increase, and t is the duration in years.

Substituting the given numbers into the formula, we have P = 940,494 * (1 + 0.038) ^ 14. Using this, we estimate the future population to be around 1,396,781 residents. Therefore, if the population continues to increase at the specified annual rate, the city's population will be approximately 1.4 million after 14 years.

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