The population of a certain city was 278000 in 1998, and the observed relative growth rate is 3 percent per year. Find a function that models the population after t years.

Question

I put in the function as f(t)=278000(1.03)^t, but the WebWork says that the answer is wrong.

Answer 1

Hi Angel!

When we model growth of a population we usually consider that to be "continuously compounding" so instead of using A=P(1+r)^t (which is used to model something that compounds once a year) we typically use the continuously compounding interest equation which is A=Pe^rt. Give that model a try and let me know if it works or not!

Rachel