In 2001, the population of the state of Alabama was about 4,467,000 and the growth rate was approximately 0.4%. What is the projected population of Alabama in 2020?
A) 4,565,454
B) 4,818,995
C) 5,224,386
D) 6,187,500

Question

Quizplus · Accepted Answer

To project the population of Alabama in 2020, starting from 2001 with an initial population of 4,467,000 and a growth rate of 0.4% per year, we use the formula for exponential growth: P = P0(1 + r)^t, where P0 is the initial population, r is the growth rate (as a decimal), and t is the time in years. Here, P0 = 4,467,000, r = 0.004, and t = 2020 - 2001 = 19 years. Plugging these values into the formula gives a projected population of approximately 4,818,995.

In 2001, the Population of the State of Alabama Was