How do I work out how many vehicles there will be if they're 2.69 million currently and are increasing by 4 percent over 3 years
+245 Source:http://www.regentsprep.org/regents/math/algebra/ae7/expdecayl.htm
Exponential Growth Formula :
\(y= a(1+r)^x\)
where a is the initial amount
r is the rate at which it increases
x is the time in which the growth occurs
Now plug it in:
a= 2.69 million
r= .04 (4%/100)
x=3
\(y=2.69(1+0.04)^x \)
\(y= 2.69(1+0.04)^3 = 3.02588416\)
There will be about 3.03 million cars
Your question isn't clear! Is it 4% per year for 3 years, or as you say "4 percent over 3 years"?
There is a significant difference between the two statements.
If 4% per year for 3 years, then =2,690,000 x 1.04^3 =~3,025,884 cars
If it is 4% over 3 years =2,690,000 x 1.04 =2,797,600
