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Solve Round the Answer to the Nearest Whole Number 5%5 \%

question 118

Multiple Choice

Solve. Round the answer to the nearest whole number.
-Suppose a city with population 340,000 has been growing at a rate of 5%5 \% per year. If this rate continues, find the population of this city in 20 years.


Definitions:

Rate of Return

The increase or decrease in the value of an investment during a certain timeframe, represented as a percent of the investment's initial cost.

Compounded Quarterly

Refers to the application of the compound interest rate to an investment or loan on a quarterly basis.

Loan Balance

The remaining amount of money that a borrower must pay on a loan at any given time.

Compounded Semi-annually

Interest calculation method where interest is added to the principal twice a year, increasing subsequent interest calculations.

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