Answer:
Explanation:
Your exponential formula is in the form y = ab^x. In this form, the coefficient 'a' is the initial value, the y-intercept, the value when x=0. The value 'b' is the growth factor, which is 1 more than the growth rate per increment of x. This problem is asking for the growth rate to be expressed as a percentage.
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Given p(x) = 78500(1.02^x), we can compare to the exponential function form to see that ...
- a = 78,500
- b = 1.02 = 1 +0.02 = 1 +2%
The value of x is zero in the year 2000, so the population that year is ...
p(0) = a = 78,500
The increase per year is the value of 'b' with 1 subtracted:
growth rate = 2% per year