Problema Solution
In 7 years, the population of Mathville grew from 16,700 to 20,030. What was the 7 year growth factor? What was the 7 year growth rate (as a percent).
Answer provided by our tutors
population growth can be modeled using the formula
p=cr^t, where C is the initial population, r is the growth factor, and t is time in years
p = 20,030
C = 16,700
t = 7 years
r = ?
20030 = 16700*r^7
r^7 = 20030/16700
r = 1.026
the 7 year growth factor is 1.026.
the percent growth rate PR in 7 years is calculated by the formula
PR = ((p - C)/C)*100*(1/7)
PR = ((20030 - 16700)/16700)*100*(1/7)
PR = (3330/16700)*100*(1/7)
PR = %19.94(1/7)
PR = 2.8486%
The population of Mathville grew %19.94 in the 5 years or at rate of 2.8486% annually.