Algebra Question

Question

The population of the world in 1987 was 5 billion and the annual growth rate was estimated at 2 percent per year. Assuming that the world population follows an exponential growth model, find the projected world population in 1993.

Answer 1

Hi Hunter,

Use the exponential growth formula:

f(t)=a(1+r)^t

Let's break this down:

f(x)=Value you are looking for

a=initial value

r=rate

t=time

Now, for this problem:

a=5000000000 or 5*10⁹

r=0.02, 2% converted to decimal

t=6 years, 1987 to 1993

Substituting:

f(t)=5000000000(1 + 0.02)⁶

f(t)=5000000000(1.02)⁶

f(t)=5630000000

I hope this helps.