Final answer:
Using the exponential growth formula, after 22 years the college will have approximately 42,066 students enrolled, assuming a 4% annual growth rate.
Step-by-step explanation:
To calculate the number of students after 22 years with an annual growth rate of 4%, we use the formula for exponential growth:
Where:
- N is the future value we want to find,
- N0 is the initial value (18,000 students),
- r is the growth rate (4% or 0.04), and
- t is the time in years (22 years).
Substituting our values into the formula:
Calculating the compound growth, we have:
N = 18,000 * (1.04)^22
N = 18,000 * 2.336969293
N ≈ 42,065.65
Therefore, after 22 years, the college will have approximately 42,066 students enrolled.