Question

In Ghana population in 2010 was 24000000 and the annual growth rate is 2.5% What is Ghana population in 2018?

Answer 1

Roughly 29,241,669

Explanation:

Exponential growth can be calculated using the formula:

`FV=PV(1+rate)^n`

FV=Future Value
PV=Present Value
rate=growth rate (as a decimal)
n=number of years (2018-2010=8years)

So:

`FV=24,000,000(1.025)^8~~29,241,669`