Step 1 :Translate the problem into a mathematical formula. The problem is asking for the future value of the population given an initial population, a growth rate, and a time period. This is a compound interest problem, where the population is the principal, the growth rate is the interest rate, and the time is the number of periods. The formula for compound interest is: \[ A = P(1 + r/n)^{nt} \] where: A is the amount of money earned after n years, including interest. P is the principal amount (the initial amount of money). r is the annual interest rate (in decimal form). n is the number of times that interest is compounded per year. t is the time the money is invested for, in years.
Step 2 :In this case, the population is compounded annually (n=1), so the formula simplifies to: \[ A = P(1 + r)^t \]
Step 3 :Plug in the given values into this formula to find the future population. P = 200000, r = 0.08, t = 18
Step 4 :Calculate the future population: A = 200000*(1 + 0.08)^18
Step 5 :Round the result to the nearest whole number: A = 799204
Step 6 :Final Answer: The population of the city in 18 years will be approximately \(\boxed{799204}\)