Question

The population of a town grew from 20,000 to 28,000. The continuous growth rate is 15%. The equation 20,000e^0.15t=28000 represents the situation, where t is the number of years the population has been growing. About how many years has the population of the town been growing? Use a calculator and round your answer to the nearest whole number

Answer 1

The equation is:
20,000 * e^(0.15 t) = 28,000
e^( 0.15 t ) = 28,000 : 20,000
e^( 0.15 t ) = 1.4
0.15 t = ln 1.4
0.15 t = 0.3365
t = 0.3365 : 0.15
t = 2.24 ≈ 2
Answer:
A ) 2 years.