Answer:
Future Value= 8,927
Step-by-step explanation:
Giving the following information:
Present Value (PV)= 7,700
Growth rate (g)= 3%
Number of periods (n)= 5 years
To calculate the future value (FV) of the population after 5 years, we need to use the following formula:
FV= PV*(1 + g)^n
FV= 7,700*(1.03^5)
FV= 8,927
