Question

Following a major renovation, the monthly population of patrons visiting a theme park grew according to the model P=3,000(1.21)^t, where P is the population and t is the time in months. Which of the following equations can model the approximate yearly growth rate, assuming this growth continues?

Answer 1

P= 3000 (1.21)^t,  t= time in months

1 year = 12 months, and therefore, 1 month = 1/12 years

The equation showing yearly population growth changes to;

P=3000 (1.21)^t/12

The  correct answer is equation [1].