Question

can you explain how I would write this equation in an excel format? P(t)=103126*e^(0.0071* (A2-2019) like for example (see attached picture) when I press enter it doesn't work. the equation is supposed to be to answer my question of for this thing where I am using Bay County. According to the U.S. Census Bay county had a population of 103,126 in 2019 and in 2020 it had 103,856. How much would it grow by 2039? How will I represent the growth assuming an exponential model? so if you have an equation to insert in a column just an equation that'll work!"I am using Bay County, a county located in the state of Michigan. According to the U.S. Census Bay county had a population of 103,126 in 2019 and in 2020 it had 103,856. The exponential growth equation can be written as, "

Answer 1

The general equation fo exponential formula is,

$y=ab^t$

Assume t = 0 for year 2019. So for t = 0, t = y = 103126.

Substitute values in the equation to detemine the value of a.

$\begin{gathered} 103126=a(b)^0 \\ a=103126 \end{gathered}$

For year 2021, the value of t is 1 and value of y is 103856.

Substitute the values in the formula to determine the value of b.

$\begin{gathered} 103856=103126\cdot(b)^1 \\ b=\frac{103856}{103126} \\ \approx1.0071 \end{gathered}$

So exponential equation is,

$y=103126(1.0071)^t$

Here, t is time from year 2019.