Question

The population of a particular town is given by the function P(t) = 920(1.06)2t, where t is the time in years and P(t) is the population after t years. What is the current population, the percentage growth rate, and the population size (rounded to the nearest whole person) in 4 years?
A: 920, 6% annually, and 1,161
B:920, 6% semiannually, and 1,466
C: 920, 0.6% per year, and 7,801
D:920, 60% semiannually, and 4,135

Answer 1

For P(t) = 920*1.06^(2t), the current population is 920, the percentage growth rate is 6% semiannually, and the population in 4 years will be 920*1.06^8 = 1466.

Selection B is appropriate.

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The 2 in the exponent means the growth factor 1.06 is applied twice for each increment of t, that is, twice in 1 year (semiannually).