Approximate the number using a calculator. Round your answer to three decimal places.
-A city is growing at the rate of $0.7 \%$ annually. If there were $3,767,000$ residents in the city in 1992, find how many (to the nearest ten-thousand) are living in that city in 2000 . Use $y = 3,767,000 ( 2.7 ) = .007 \mathrm { t }$.
A) $3,980,000$
B) 570,000
C) $10,170,000$
D) $4,010,000$

Question

Quizplus · Accepted Answer

The given formula seems incorrect for calculating population growth. The correct approach to calculate the population after a certain number of years with an annual growth rate is using the formula $P = P_0(1 + r)^t$, where $P_0$ is the initial population, $r$ is the annual growth rate, and $t$ is the number of years. For a growth rate of 0.7% or 0.007 as a decimal, an initial population of 3,767,000, and a time span of 8 years (from 1992 to 2000), the calculation should be $3,767,000(1 + 0.007)^8$. This calculation gives a result close to 3,980,000 when rounded to the nearest ten-thousand.

Approximate the Number Using a Calculator 0.7%0.7 \%0.7% Annually If There Were

Approximate the Number Using a Calculator $0.7 \%$ Annually If There Were