Algebra : Percentage Growth (Compounding)
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Suppose a population of initial size 100 grows at the rate of 8% per year forever.
a) What is the size of the population at the end of year 1?
b) What is the size of the population at the end of year 2?
c) What is the size of the population at the end of year 3?
d) What is the size of the population at the end of year n (for any integer n)?
e) What algebraic equation would you need to solve to find the number of years x that it would take for our population to reach 200? Use a calculator to solve to x.
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Solution Summary
The solution shows the steps taken to complete the calculations regarding percentage growth (compounding).
Solution Preview
This is a case of continuous compounding. A0 = 100, r = 8% = 0.08
The growth model is A(t) = A0 * ...
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