SOLUTION
This question is like a compound interest problem, where the interest rate is 7.5% compounded annually for 6 years.
Hence,
Where,
A = Final Amount
P = Initial Amount
r = Rate of interest (in decimal)
n = Number of times the interest is compounded annually
t = Time duration
Hence,
For Population Growth Model
Where,
P(t) = Population after t years
P0 = Initial population
r = Rate of interest (in decimal)
n = Number of times the interest is compounded annually
t = Time duration
Hence,
For this question,
P(t) = Population after 14 years = ?
P0 = Initial population = 290,00
r = Rate of interest (in decimal) = 0.075 [ 7.5% = 7.5 /100 = 0.075 ]
n = Number of times the interest is compounded annually = 1
t = Time duration = 14 years
Therefore,
Rounded to the nearest whole number
Hence,
The population after 14 years should be 798209 people .
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