The population of a town with a 2000 population of 65,476 grows at a rate of 2.9% per year. Create an exponential function of the form Pn = P0 x (1 + r)n.
Question
The population of a town with a 2000 population of 65,476 grows at a rate of 2.9% per year. Create an exponential function of the form Pn = P0 x (1 + r)^n.
Solution
Sure, here is the exponential function for the given problem:
Pn = P0 x (1 + r)^n
Where: Pn is the future population, P0 is the initial population, r is the rate of growth, and n is the number of years.
Given: P0 = 65,476 (the population in the year 2000), r = 2.9% = 0.029 (the annual growth rate), and n is the number of years after the year 2000.
So, the exponential function for this problem is:
Pn = 65,476 x (1 + 0.029)^n
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