Question

. Write the exponential function modeling an initial population of 67,000 and a relative growth rate of 1.7% per year. What population does your function project at the end of 37 years?

Answer 1

In 37 years the population will be 125,012

Explanation:

Giving the following information:

Initial population (PV)= 67,000

Growth rate (g)= 1.7%= 0.017

Number of years (n)= 37

First, we will establish the future value (FV) formula:

FV= PV*(1+i)^n

FV= 67,000*(1.017^n)

Now, for 37 years:

FV= 67,000*(1.017^37)

FV= 125,012

In 37 years the population will be 125,012