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Worked Examples · Example 24

Q.The population of a country is 114 million at present. If the population is growing at the rate of 10% per year, what will be the population of the country in 5 years?

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Population growing at a fixed percentage per year is a G.P. with common ratio (1+rate)(1+\text{rate}); the population after 5 years is P0(1.1)5P_0(1.1)^5.

[!FORMULA] Compound growth: Pn=P0(1+r)nP_n=P_0(1+r)^n, where P0P_0 = initial population, rr = annual growth rate (as a decimal), nn = number of years.

  1. P0=114P_0=114 million, r=10%=0.1r=10\%=0.1, n=5n=5 years.
  2. P5=114(1.1)5P_5=114(1.1)^5. …

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