Problema Solution
The population of a country was 54 million in 1988 and the continuous exponential growth rate was estimated at 2.9% per year. Assuming that the population of the country continues to follow an exponential growth model, find the projected population in 2011.
Round your answer to 1 decimal place.
The approximate population in 2011 is ,,,
Answer provided by our tutors
We will use the exponential growth model P(t) = P0e^kt, where
P0 = 54 millions,
t = the number of years after 1988, in our case for the year 2011 we have:
t = 2011 - 1988 = 23 years
k = 0.029 or 2.9%
P(23) = 58e^(0.029*23)
P(23) = 113 million
The approximate population is 2011 is 113 million.