Another town's population could be modeled by the function P(t)=27,400(1.66)^t/10, where P represents the population and t represents the time, in years, since 2005. Based on the model, by approximately what percent does the population of this town increase each year?
Thank you in advance!
Another town's population could be modeled by the function P(t)=27,400(1.66)^t/10, where P represents the population and t represents the time, in years, since 2005. Based on the model, by approximately what percent does the population of this town increase each year?
P(t)=27,400(1.66)^t/10
2018 - 2005 = 13 years.
P(13) =27,400 x ((1.66)^1/13) / 10
((1.66)^1/13) / 10
(1.03976 - 1) / 10
0.03976 / 10 =0.003976
0.003976 x 100 =0.3976% =~0.4% - annual pecentage increase in the population of this town.
