The population of the City of Riverina is changing at a rate of +2% per year. If the population is 100,000 today what will it be in three (3) years?
Question
The population of the City of Riverina is changing at a rate of +2% per year. If the population is 100,000 today what will it be in three (3) years?
Solution
To calculate the population of the City of Riverina in three years, we need to apply the annual growth rate of 2% to the current population of 100,000. Here are the steps:
- Calculate the population for the first year: 100,000 + (100,000 * 0.02) = 102,000
- Calculate the population for the second year: 102,000 + (102,000 * 0.02) = 104,040
- Calculate the population for the third year: 104,040 + (104,040 * 0.02) = 106,120.8
So, the population of the City of Riverina will be approximately 106,121 in three years.
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