In 1997 the population of New York City was 7.244 million people and in 1998 the

Question

In 1997 the population of New York City was 7.244 million people and in 1998 the population was 7.546 million people. Assume the population of NYC grows a. What is the 1-year growth factor? Preview b. What is the 2-year growth factor? Preview c. The population of NYC in 2000 can be determined by Select an answer the population of NYC in 1998 by the-year growth factor d. Use your answers from above to help you predict the population of NYC in 2000. million people Preview e. What is the 4 year growth factor? Preview E Which of the following represents the population of NYC (in millions) in 2001 .244 0417 7.244+41.0417 7 546 73447. (134 7.546 7 244 7.244 None of the above

Explanation / Answer

in 1997 population was 7.244 million

1998 population = 7.546 million

a) y = a ( 1 + r)^x

7.546/7.244 = ( 1+r)^1

( 1 + r) = 1.0417

1 year growth factor is 1.0417

b) 2year growth factor is (1.0417)^2

= 1.085

c) the population of 2000 can be determined by multiplying the population of 1998 by 2 year growth factor

d) population in 2000 is 8.19 million

e) 4 year growth factor is (1.0417)^4

1.178

f) population in 2001 can be predicted as

7.244 ( 7.546/ 7.244)^4

3rd option is correct

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