The population of Ontario in 1997 was about 11,249,500. In 2001, the population was about 11,874,400. What was the average growth rate over that period?

Question

Quizplus · Accepted Answer

To find the average growth rate, we need to use the formula:

Average Growth Rate = (Ending Value / Beginning Value)^(1/number of years) - 1

Plugging in the numbers, we get:

Average Growth Rate = (11,874,400 / 11,249,500)^(1/4) - 1
Average Growth Rate = 1.056^0.25 - 1
Average Growth Rate = 0.0136 or 1.36%

Therefore, the best choice is B, with an explanation that shows the calculation using the formula for average growth rate.

The Population of Ontario in 1997 Was About 11,249,500