Question

James knows that he eveIn 2005 the population of a district was 35,700 with a continuous annual growth rate of approximately 4%, what will the population be in 2030 according to the exponential growth function?ntually wants to buy a motorcycle, and the model he has in mind costs $5,000. He has found a bank that will let him open a saving account with 7% interest that is compounded monthly. If he wants to buy his motorcycle in 5 years (he's still nervous), how much money should he invest in the account now

Answer 1

• The population is 97043 people
• The principal is $3527

Processes like population growth, radioactive decay, compound interest, and the spread of infectious diseases are frequently described by exponential models.

An exponential model is a mathematical representation of a process that exhibits exponential growth or decay.

1) We can get the population from;

P =Po
`e^{rt`

P = 35,700
`e^{0.04 * 25`

P = 97043 people

2) We have that;

A= P(1 + r/n)^nt

5000 = P(1 + 0.07/12
`)^{5 * 12`

P = $3527

The principal is given as $3527 .