SOLUTION: Suppose an initial population of 29 million people increases at a continuous percent rate of 1.5% per year since the year 2000. Determine the population in the year 2019. Tha

Algebra ->  Finance -> SOLUTION: Suppose an initial population of 29 million people increases at a continuous percent rate of 1.5% per year since the year 2000. Determine the population in the year 2019. Tha      Log On


   

Question 997784: Suppose an initial population of 29 million people increases at a continuous percent rate of 1.5% per year since the year 2000.

Determine the population in the year 2019.
Thank yoU!
Answer by fractalier(6550) About Me  (Show Source):
You can put this solution on YOUR website!
Exponential growth is given by
A%28t%29=+Aoe%5E%28rt%29
P%28t%29=29000000e%5E%28.015t%29
P%2819%29=29000000e%5E%28.015%2A19%29
P(19) = 38.56 million people