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7th Edition

Stefan Waner + 1 other

Publisher: Cengage Learning

ISBN: 9781337274203

Chapter 3.1, Problem 43E

Textbook Problem

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*Population Exercises 43–48 are based on the following graph, which shows the population of San Diego County from 1950 to 2000: ^{5}*

At what annual (simple interest) rate did the population of San Diego County increase from 1950 to 2000?

To determine

**To calculate:** The annual rate at which the population of San Diego county increases from 1950 to 2000.

**Given Information:**

The graph shows the population of San Diego county from 1950 to 2000.

**Formula used:**

The simple interest or an investment (or loan) of *PV* dollars at an interest rate of *i* per period for *n* periods is:

Also,

Where *r* is the annual interest rate and *t* is the time in years,

Also *i* is the interest rate per period and *n* is the number of periods.

**Calculation:**

Consider the provided information., the population of San Diego county from 1950 to 2000 as shown in the graph.

In the year 1950, the population is

Hence,

And in the year 2000, the population is

Hence,

Since, the simple interest over a period of 50 years is given by,

Substitute *PV* and *FV* in

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