Question

A population of size 3,624 grows at a rate of 3% per year, compounded continuously. How big will the population be in 2 years?

Answer 1

Explanation:

The continuous compound formula is

`y=Pe^{rt` where P is the principle or starting value, r is the growth rate in decimal form, and t is the time in years. For us:

`y=3624e^((.03)(2))\\y=3624e^(.06)\\y=3624(1.061836547)\\y=3848.09`

which would probably round to just 3848 people.