word problem help..?
2. The population of Detroit, Michigan was 951,300 in 2000. Detroit has been experiencing a population decline of 1.4% per year since 2000. What is the projected population for 2005 in Detroit?
3. The Diaz family bought a house for $225,000. If the value of the house increases at a rate of 5% per year, about how much will the house be worth in 8 years? Round to the closest dollar.
a. 213,750
b. 330,599
c. 332,427
d. 576,650
4. Lance puts $2500 in a savings account that pays 3.75% interest compounded yearly. How much money to the nearest dollar will be in the account 5 years later if he makes no more deposits or withdrawals?
a. 12,287
b. 3,005
c. 3,002
d. 2,875
5. An investment is losing value at a rate of 2% per year. Your original investment was $1250 three years ago. How much is it worth now to the nearest dollar?
a. 1327
b. 1254
c. 1176
d. 973
Favorite Answer
(1) 51,500
(2) 53,045
(3) 54,636.35
**(4) 56,275.44
2. Population in 2000 was 951,300 (subtract 1.4% from previous year’s total. All totals ended with decimal):
2001–937,981.80 (round figure=937,981)
2002–924,850.06 (round figure=924,850)
2003–911,902.16 (round figure=911,902)
2004–899,133.53 (round figure=899,134 because decimal was more than 1/2, so you round UP)
2005–886,547.64 (round UP to 886,548)
3. C is the answer–add 5% to previous year’s total:
start out at $225,000
(1) $236,250
(2) $248,062.50
(3) $260,465.62
(4) $273,488.90
(5) $287, 163.34
(6) $301,521.50
(7) $316,597.57
** (8) $332,427.44
4. B is the answer–add 3.75% to previous year’s total:
(1) $2593.75
(2) $2691.02
(3) $2791.93
(4) $2896.63
**(5) $3005.23 (or $3005 to nearest dollar)
5. C is the answer–subtract 2% from previous year’s total:
(1) $1225.00
(2) $1200.50
**(3) $1176.49 (or $1176 rounded to nearest dollar)
(Used ** to show which answer is right)
Annual rate of increase= 3%
Population in four years= ?
Start by taking 3% of 50,000
50,000 * .03= 1,500
Then add this amount to the whole 50,000
1,500+50,000= 51,500
This is the population in one year. Continue using the population of the previous year.
51,500 * .03= 1,545
1,545+51,500= 53,045=2 years population
53,045 * .03=1,591.35
1,591.35+53,045= 54,636.35=3 years population
54,636.35 * .03= 1,639.0905
1,639.0905+54,636.35= 56,275.4405=4 years population
The population of this city will be about 56,275 in four years.
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