+1023 In 1990, the population of Austin, TX, was 494,290. During the next ten years, the population increased by 3% each year. What would you expect the population to be in 2007?
This problem is a lot like some of the financial questions we see here on the forum....
There is an equation which will serve you well to remember....it is one of the most commonly used financial equations....there are a few more (actually there are BOOKS of them)
FV = PV (1 + i)^n FV = Future value (or POPULATION in this example) PV = PRESENT value (of the population)
i = interest in decimal form ( rate of growth in this question .03) n= number of periods (years)
So substitute FV = 494,290 (1 + .03)^17 n = 17 (from 1990 to 2007)
= 816986 people This ASSUMES that the population increase is 3% for all of the years from 1990-2007
~jc
This problem is a lot like some of the financial questions we see here on the forum....
There is an equation which will serve you well to remember....it is one of the most commonly used financial equations....there are a few more (actually there are BOOKS of them)
FV = PV (1 + i)^n FV = Future value (or POPULATION in this example) PV = PRESENT value (of the population)
i = interest in decimal form ( rate of growth in this question .03) n= number of periods (years)
So substitute FV = 494,290 (1 + .03)^17 n = 17 (from 1990 to 2007)
= 816986 people This ASSUMES that the population increase is 3% for all of the years from 1990-2007
~jc
In 1990, the population of Austin, TX, was 494,290. During the next ten years, the population increased by 3% each year. What would you expect the population to be in 2007?
The population of Austen, TX will be=664,284 in the 10-year period from 1990-2000.
If the poulation contiues to increase at the same rate of 3% per year, then Austen, TX population in 2007 will be=816,986 people.
