SOLUTION: 7.) According to the U.S. Census Bureau, the population of the United States in 2010 was 308.75 million people. The rate of growth in population was 0.57% per year. Assume that thi

Question 999749: 7.) According to the U.S. Census Bureau, the population of the United States in 2010 was 308.75 million people. The rate of growth in population was 0.57% per year. Assume that this rate of growth remains the same through 2015. Explain why the population is an exponential function of time.
What would you predict the U.S. population to be in 2015? (Round your answer to two decimal places.)
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
According to the U.S. Census Bureau, the population of the United States in 2010 was 308.75 million people. The rate of growth in population was 0.57% per year. Assume that this rate of growth remains the same through 2015. Explain why the population is an exponential function of time.
What would you predict the U.S. population to be in 2015? (Round your answer to two decimal places.)
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Exponential because the growth factor stays the same (base) but
the population changes each year based on last year's population,
not on the original population
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Equation::
p(x) = 308.75 mil*(1.0057)^x
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In 2015, p(5) = 308.75mil*1.0057^5 = $317.65 million
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cheers,
Stan H.
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