Middletown, USA currently has a population of 1.5 million people. It has been one of the fastest growing cities in the nation, growing by an average of 4% per year for the last five years. If this city's population continues to grow at 4% per year, what will the population be 10 years from now?
A) 1,560,000
B) 2,220,366
C) 2,100,000
D) 1,824,979

Question

Quizplus · Accepted Answer

To find the population in 10 years with continuous growth of 4%, we can use the formula: P = P0 * e^(rt), where P0 is the initial population, r is the annual growth rate as a decimal, t is the time in years, and e is the mathematical constant, approximately equal to 2.71828.

Plugging in the values, we have: 
P = 1.5 million * e^(0.04 * 10) 
P = 1.5 million * e^0.4 
P ≈ 1.5 million * 2.718^(0.4) 
P ≈ 1.5 million * 1.492 
P ≈ 2,238,000

Therefore, the population of Middletown, USA will be approximately 2,238,000 people in 10 years, which is closest to choice B (2,220,366).

Middletown, USA Currently Has a Population of 1