Out of a world population of approximately 6.6 billion, 1.2 billion people live in the richer countries of Europe, North America, Japan and Oceania and is growing at the rate of 0.25% per year, while the other 5.4 billion people live in the lees developed countries and is growing at the rate of 1.5%. What will be the world population in 5 years if we assume that these rates of increase will stay constant for the next 5 years. (round answer to 3 significant digits) Choose the correct choice from the following answers:
A) 7.02 billion.	B) 7.03 billion.	C) 7.04 billion.	D) 7.05 billion.	E) 7.06 billion.
Solution to Problem 12:   Let us first calculate the population PR in 5 years in the richer countries   PR = (1.2 + 0.25% * 1.2) = 1.2(1 + 0.25%) after one year   PR = 1.2(1 + 0.25%) + 0.25% * 1.2(1 + 0.25%)   = 1.2(1 + 0.25%) 2after two years   Continue with the above and after 5 years, PR will be   PR = 1.2(1 + 0.25%) 5 after 5 years   Similar calculations can be used to find the population PL in less developed countries after 5 years.   PL = 5.4(1 + 1.5%) 5 after 5 years   The world population P after 5 years will be   P = PR + PL = 1.2(1 + 0.25%) 5 + 5.4(1 + 1.5%) 5 = 7.03 billion.   Answer 7.03 billion.
<result>B</result>
Out of a world population of approximately 6.6 billion, 1.2 billion people live in the richer countries of Europe, North America, Japan and Oceania and is growing at the rate of 0.25% per year, while the other 5.4 billion people live in the lees developed countries and is growing at the rate of 1.5%. What will be the world population in 5 years if we assume that these rates of increase will stay constant for the next 5 years. (round answer to 3 significant digits)