Exponential Growth Problem

Question

In 2009, the population of Ireland was 4,156,119, with an average annual growth rate of 1.13%. Assume this growth rate continues. Write the population P as a function of n, the number of years after 2008.

Which one is right

P(n) = 4156119(1.13)^n

P(n) = 4156119(0.0113)^n

P(n) = 4156119(1.0113)^n

P(n) = 4156119(1.0113)^2008

Answer 1

So, if I have a collection of shirts and I increase my collection by 5%, I now have 105% of my previous collection, right? If I increase it again by 5%, I now have 105% of the previous 105%.

My algebra teacher told me that we always move 2 decimal places, and the decimal sign is the eyes of a scary monster, so we run from it or toward it when it's gone.

5% = 0.05

700 = 70000%

So, adding 1.13% gives us 101.3% or 1.013.

In 2009, 4,156,119(1.013)= whatever my calculator tells me, because n = 1

In 2010, 4,156,119(1.013)(1.013) = 4,156,119(1.013)², because n = 2.

So, which is it? You tell me.