% Harshbarger, Mathematical Apr Y how to write 1.2 milion in nun, × + iie https:
ID: 2793841 • Letter: #
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% Harshbarger, Mathematical Apr Y how to write 1.2 milion in nun, × + iie https://www.webassign.net/ebooksharmathap11 Mathematical Applications 11E ASHBARGER REM Contents MediaD Inflation A house that 20 years ago was worth $160,000 has increased in value by 4% each year because of inflation. What is its worth today? Inflation If inflation causes the cost of automobiles to increase by 3% each year, what should a car cost today if it cost $25,000 6 years ago? Population growth Suppose a country has a popula- tion of 20 million and projects a growth rate of 2% per year for the next 20 years. What will the population of this country be in 10 years? 61. ea 75. Ch six are 62. top, bott out f will e ings B dimes geome 63. 64. Spread of AIDS Suppose a country is so devastated by the ATDS epidemic that its population decreases by 76. Cn 0.5% each year for a 4-year period. If the population was originally 10 million, what is the population at the end of the 4-year period? Population growth If the rate of growth of a popu lation continues at 2%, in how many years will the population double? ing mo people would p were to (a) Ho (b) How 65. - 6 2Explanation / Answer
Answer 62) We will use a simple formulae of compound interest to solve the problem
FV = PV * (1+R)^N
FV = future value
PV = present value
R is rate given (Inflation rate)
N is the number of years
FV= 25000
We have to calculate the PV
FV = PV * (1+0.03)^6
25000 = PV *(1.03)^6
PV = 25000 / (1.03)^6
PV = 20937.11
Answer 64) We use the same formulae as above
FV = 10 *(1+(-0.005))^4
FV = 9.801495 million
population at the end of 4th year 9.801495 million
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