The population of a city is 310 ,000 and is increasing at a rate of 4.5 % each year. Approximately when will the population reach 620 ,000? (Use a compound growth model.)

Approximately after 15 years the population will reach 620,000

Explanation:

Population at start : 310,000

Rate by which the population is increasing: 4.5%

Population after n years is calculated under the next equation:

P=Po (1+r) ∧n

620,000=310,000 (1 + 0.045) ∧n

2 = (1 + 0.045) ∧n

log (2) = nlog (1 + 0.045)

log (2) = nlog (1.045)

log (2) / log (1.045) = n

n = 15