Questions: Assuming a current world population of 7 billion people, an annual growth rate of 2% per year, and a worst-case scenario of exponential growth, what will the world population be in 29 years? Round to two decimal places.

Assuming a current world population of 7 billion people, an annual growth rate of 2% per year, and a worst-case scenario of exponential growth, what will the world population be in 29 years? Round to two decimal places.

Transcript text: Assuming a current world population of 7 billion people, an annual growth rate of $2 \%$ per year, and a worst-case scenario of exponential growth, what will the world population be in 29 years? Round to two decimal places.

Solution

Solution Steps

Step 1: Define the Variables

We start with the current world population $ P_0 = 7 $ billion people, an annual growth rate $ r = 0.02 $ (or $ 2\% $), and a time period of $ t = 29 $ years.

Step 2: Apply the Exponential Growth Formula

Using the exponential growth formula: \[ P(t) = P_0 \times (1 + r)^t \] we substitute the known values: \[ P(29) = 7 \times (1 + 0.02)^{29} \]

Step 3: Calculate the Future Population

Calculating the expression gives: \[ P(29) \approx 12.430912832081846 \] Rounding this to two decimal places results in: \[ P(29) \approx 12.43 \]