Question

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.

Answer 1

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

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)