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24 January, 00:51

The population of a city in Florida was 157,000 in 2016. If the population begins to increase at a rate of 3% each year, write and use an exponential function to find the population 4 years later.

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  1. 24 January, 01:11
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    Part 1 - y = 157,000 (1.03) ^Time Part 2 - Population: About 176,705 residents

    Step-by-step explanation:

    The equation can be computed through compound interest formula:

    C = P (1 + I/100) ^T

    Let's break this formula into parts to comprehend;

    Here the Principle value/Start number (represented by P) is 157000. The interest (represented by I) is 3 percent. Let's change the interest to a decimal format as such: 3% = 0.03, and add 1 to get: 1.03. Now, given all the information we need, substitute the values into the equation to get:

    C = 157,000 (1.03) ^Time

    Now C (compound interest) can be changed to y to represent a graphical situation of the scenario,

    y = 157,000 (1.03) ^Time

    Using this formula, calculate the population after 4 years through substitution as such:

    y = 157,000 (1.03) ^4

    y = 176,705 (About)
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