Question

The population of a city in 2005 was 18,000. By 2010, the city’s population had grown to 45,000. Economists have determined that the population growth follows an exponential model. If they are correct, what is the projected population for 2015?

Answer 1

Exponential model is y=Ae^(kt)
Assume initial start is 2005, time = 0, so y = 18000e^(kt)
45000 = 18000*e^(k5)
solve for k, approx 0.1832
y = 18000*e^(1.832) = 112,435, approximately