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City and Regional Planning QUESTION #4971
Question 1
If a city's population grows from 500,000 to 800,000 over 20 years, what is the annual compound growth rate?
  • 2.3%✔️
  • 2.4%
  • 2.5%
  • 3.0%
Correct Answer Explanation
Using the compound growth formula: $r = \left(\frac{P_t}{P_0}\right)^{1/t} - 1 = \left(\frac{800000}{500000}\right)^{1/20} - 1 = (1.6)^{0.05} - 1 = 0.0237$ or approximately 2.37%, closest to 2.3%.