Answer:
116 million people by 2018
Step-by-step explanation:
The exponential Growth Formula is the following,
[tex]y = a (1+r)^{t}[/tex]
Where a is the initial amount of people, r is the rate of growth in decimal format, t is the time interval, and y is the population at the end. First we need to find the rate of growth using the information given.
[tex]103,000,000 = 98,000,000(1+r)^{2001-1994}[/tex]
[tex]1.05102 = (1+r)^{7}[/tex]
[tex]\sqrt[7]{1.05102} = 1+r[/tex]
[tex]1.007134 = 1+r[/tex]
[tex]0.007134 = r[/tex]
Now that we have the rate (r) we can plug that into the equation again and solve for the population (y) in 2018.
[tex]y = 98,000,000 (1+0.007134)^{2018-1994}[/tex]
[tex]y = 98,000,000(1.007134)^{24}[/tex]
[tex]y = 98,000,000 * 1.186[/tex]
[tex]y = 116,230,540[/tex]
Rounded to the nearest million, that would put the population of 2018 at 116 million people
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