Question

In 2005 the population of a district was 28,300 with a growth rate of 7% what will the population be in 2022 according to exponential growth function

Answer 1

We can use the exponential growth function as follows:

$y=a(1+r)^t$

Where:

a = Initial amount = 28300

r = Growth rate = 7% = 0.07

t = time ( in years)

so:

$\begin{gathered} y=28300(1+0.07)^t \\ y=28300(1.07)^t \\ \end{gathered}$

Evaluate the function for 17 years:

$\begin{gathered} t=17 \\ y=28300(1.07)^{17} \\ y\approx89394 \end{gathered}$

Answer:

Approximately 89394