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Finite Mathematics and Applied Cal...

7th Edition
Stefan Waner + 1 other
Publisher: Cengage Learning
ISBN: 9781337274203

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Section
BuyFindarrow_forward

Finite Mathematics and Applied Cal...

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

Chapter 3.1, Problem 43E, Population Exercises 4348 are based on the following graph, which shows the population of San Diego

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.

Explanation of Solution

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:

INT=PVrt or INT=PVin

Also,

INT=FVPV

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 500,000.

Hence, PV=500,000

And in the year 2000, the population is 2,800,000.

Hence, FV=2,800,000

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

INT=FVPV

Substitute 500,000 for PV and 2,800,000 for FV in INT=FVPV as,

INT=2,800,000

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