Solve the problem.
-Suppose that during the 1990s, the population of a certain country was increasing by $1.1 \%$ each year. If the population at the end of 1993 was 6.2 million, what was the population at the end of 1997 ? Round your answer to the nearest hundredth of a million.
A) 6.41 million
B) 6.47 million
C) 6.48 million
D) 6.27 million

Question

Quizplus · Accepted Answer

The population at the end of 1997 can be found by applying the annual growth rate of 1.1% over the 4 years from the end of 1993 to the end of 1997. The formula for compound growth is $P = P_0(1 + r)^t$, where $P$ is the future value, $P_0$ is the initial value, $r$ is the annual growth rate (as a decimal), and $t$ is the time in years. Plugging in the given values: $P = 6.2 \times (1 + 0.011)^4 \approx 6.48$ million.

Solve the Problem 1.1%1.1 \%1.1% Each Year If the Population at the End of 1993 Was

Solve the Problem $1.1 \%$ Each Year If the Population at the End of 1993 Was