Suppose a city with population 545 comma 000 has been growing of a rate of 4​% per year. If this rate​ continues, find the population of this city in 12 years.

Question

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Part 1
The population of this city in 12 years will be
  
enter your response here.
​(Round to the nearest whole number as​ needed.)

Answer 1

To find the population of the city in 12 years, we need to calculate the growth rate over that time period.

First, we will convert the growth rate of 4% to decimal form by dividing it by 100:

4/100 = 0.04

Next, we can use the formula for exponential growth:

Population after 12 years = Initial population * (1 + growth rate)^time

Plugging in the given values, we get:

Population after 12 years = 545,000 * (1 + 0.04)^12

Calculating this expression, we find:

Population after 12 years ≈ 844,523 (rounded to the nearest whole number)

Therefore, the population of this city in 12 years will be approximately 844,523.