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The population of Austin, Texas, is growing at a rate of 2.9% per year. If the population in 2016 was approximately 913,917, what is the predicted population for 2025?

Answer :

Final answer:

To predict the population of Austin, Texas, in 2025, we can use compound interest formula with the given growth rate of 2.9% per year.


Explanation:

To determine the predicted population for 2025, we need to use the growth rate of 2.9% per year. We can apply the formula for compound interest, where the initial population is $913,917 and the time period is 2025-2016 = 9 years:

Population in 2025 = 913,917 * (1 + 0.029)^9 = 1,089,777.6 ≈ 1,089,778


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