If in 2014, the Australias population was 23 246 692, with a growth rate of approximately 1.14%, what was the population in 2015?
Please help! What is the formula and how would you work out this question
Because there is a population
growth, it would be 23246692*(1+0.0114) = 23511704.29 (2 dp.)
Because people are in a whole, the answer is 23511704.
BONUS
Just say there is a population
decline, it would be 23246692*(1-0.0114) = 22981679.70 (2 dp.)
Because people are in a whole, the answer is 22981679.
The formula is to turn the percentage to an actual number. For example, 2% of 100 people is 2 people. If in 2014 there are 100 people and in 2015 there was a 2% growth, it would be (100 people)X(2 percent to a whole number is 0.02, but since it's a growth it's 1.02) = 102.
