A country's population was 12 million in 2020. From 2020 to 2025 the average annual growth rate was 2.5 %. Beginning in 2025 the government's policy reduces the growth rate by 0.2 percentage points each year (i.e., 2.5 % in 2025, 2.3 % in 2026, 2.1 % in 2027, …) until the rate reaches 1.5 % and then remains constant.

(i) Estimate the population in the year 2030 (rounded to two decimal places).
(ii) In which year does the population first exceed 15 million?
(iii) What is the average annual growth rate over the whole period from 2020 up to that year (expressed as a percentage, rounded to two decimal places)?

Question

A country's population was 12 million in 2020. From 2020 to 2025 the average annual growth rate was 2.5 %. Beginning in 2025 the government's policy reduces the growth rate by 0.2 percentage points each year (i.e., 2.5 % in 2025, 2.3 % in 2026, 2.1 % in 2027, …) until the rate reaches 1.5 % and then remains constant.

(i) Estimate the population in the year 2030 (rounded to two decimal places).
(ii) In which year does the population first exceed 15 million?
(iii) What is the average annual growth rate over the whole period from 2020 up to that year (expressed as a percentage, rounded to two decimal places)?

Accepted Answer

Population 2030 ≈ 15.06 million; first exceeds 15 million in 2030; average annual growth ≈ 2.30 %

Neco 2025 Economics Question 39

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