In the year 2000, over 80 million metric tons of nitrogen fertilizers were used in producing food for the world’s 6 billion people. Food production, use of nitrogen fertilizers, and world population all had grown over the preceding 40 years, but at somewhat different rates. During this time, food production grew slightly faster than population while relatively little additional land was converted to agricultural use. Fertilizer use grew most rapidly. Compare the world population index for 1960 to the world population index for 2000. Then express the world population in 2000 as a percentage of world population in 1960.

The size of the payment = $628.63

Explanation:

An annuity is a series of equal payment or receipt occurring for certain number of period.

The payment in question is an example of an annuity . We can work back the size of the payment using the present value of the ordinary annuity formula stated below

The Present Value of annuity = A × (1- (1+r)^(-n))/r

A- periodic cash flow,= ? r- monthly  rate of interest - 4.25%/12= 0.354%  

n- number of period- (71/4×12)= 87.

Let y represent the size of the payment, so we have

47,000 = y × ( 1-1.00354^(-87))/0.00354

47,000 = y× 74.76

y =47,000/74.7656= 628.63

The size of the payment = $628.63