Question

Can you show me how to solve growth and Decay models

Answer 1

In the boxes, we will fill, from left to right; 236,000 , 0.04

Here, we want to write an exponential growth model

Generally, we can have the exponential growth model written as;

`P=I(1+r)^t`

where P is the present value, I is the initial value , r is the rate of increase and t is the number of years since 2000

With respect to the question at hand;

I is 236,000 which is the imitial population as at year 2000

r is the rate of increase which is 4% and this is 4/100 = 0.04

t is the number of years since 2000