In 2015, the population of the world was 7.3 billion people. In the last decade,
ID: 3199603 • Letter: I
Question
In 2015, the population of the world was 7.3 billion people. In the last decade, population has increased approximately 1.2% per year. The current annual food supply is initially adequate for 11 billion people and is increasing at a constant rate adequate for an additional 0.4 billion people per year. While population growth rates have slowed since the mid-20th century, many still claim there is reason for alarm, claiming a food storage will occur as soon as the year 2050. In this lab, you will explore the population growth rates and the food production rates to see if there is indeed reason for concern. 1. Assuming the 2015 population count of 7.3 billion people as the initial population count and a recent (last 10 years) growth rate of 1.2% percent, answer the following: a. Write an equation to model the data where x = years past 2015 and y = total population in billions.
Explanation / Answer
Since the Population is increasing every year at a steady rate of 1.2% per annum, we can use the Compound Interest Formula to calculate the population for any year.
If we want the population say in 2020, then x , the years past 2015 is given as 2020 – 2015 = 5. If y is the population, then the compound interest formula is
Y = 7.3 times 1.012^x
The population in 2020 is 7,3*1.102^5 = 7.75 billion.
Thus the formula for the total population (in billion ) y in x years (past 2015 ) would be
Y = 7.3(1.012^x)
The calculated values till 2050 is given below.
Compound Interest formula=
A = P (1+r/100)^n
Population Increase per year =
1.20%
Year
Valuue of x
y = Population in billion
Food available for billion people
2015
0
7.30
11.00
2016
1
7.39
11.40
2017
2
7.48
11.80
2018
3
7.57
12.20
2019
4
7.66
12.60
2020
5
7.75
13.00
2021
6
7.84
13.40
2022
7
7.94
13.80
2023
8
8.03
14.20
2024
9
8.13
14.60
2025
10
8.22
15.00
2026
11
8.32
15.40
2027
12
8.42
15.80
2028
13
8.52
16.20
2029
14
8.63
16.60
2030
15
8.73
17.00
2031
16
8.84
17.40
2032
17
8.94
17.80
2033
18
9.05
18.20
2034
19
9.16
18.60
2035
20
9.27
19.00
2036
21
9.38
19.40
2037
22
9.49
19.80
2038
23
9.60
20.20
2039
24
9.72
20.60
2040
25
9.84
21.00
2041
26
9.95
21.40
2042
27
10.07
21.80
2043
28
10.19
22.20
2044
29
10.32
22.60
2045
30
10.44
23.00
2046
31
10.57
23.40
2047
32
10.69
23.80
2048
33
10.82
24.20
2049
34
10.95
24.60
2050
35
11.08
25.00
Compound Interest formula=
A = P (1+r/100)^n
Population Increase per year =
1.20%
Year
Valuue of x
y = Population in billion
Food available for billion people
2015
0
7.30
11.00
2016
1
7.39
11.40
2017
2
7.48
11.80
2018
3
7.57
12.20
2019
4
7.66
12.60
2020
5
7.75
13.00
2021
6
7.84
13.40
2022
7
7.94
13.80
2023
8
8.03
14.20
2024
9
8.13
14.60
2025
10
8.22
15.00
2026
11
8.32
15.40
2027
12
8.42
15.80
2028
13
8.52
16.20
2029
14
8.63
16.60
2030
15
8.73
17.00
2031
16
8.84
17.40
2032
17
8.94
17.80
2033
18
9.05
18.20
2034
19
9.16
18.60
2035
20
9.27
19.00
2036
21
9.38
19.40
2037
22
9.49
19.80
2038
23
9.60
20.20
2039
24
9.72
20.60
2040
25
9.84
21.00
2041
26
9.95
21.40
2042
27
10.07
21.80
2043
28
10.19
22.20
2044
29
10.32
22.60
2045
30
10.44
23.00
2046
31
10.57
23.40
2047
32
10.69
23.80
2048
33
10.82
24.20
2049
34
10.95
24.60
2050
35
11.08
25.00
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