Using [email protected][email protected] time(1+r)to the t power. where r is the percentage rate increase and t is the difference in ending year and beginning year. Find equation for P @any t. Use this chart:
Year 1825 1850 1875 1900 1925 1950 1975
P(in 100 152 218 301 404 535 700
Suppose t=0 means year 1825, thus the initial P0 is 100 thousands.
We have ...
The value of a function at different points is used to find an equation.