Solve the problem of exponential growth. In 1985 an antique automobile club had 23,000 members. Since then its membership has gr
own at an average rate of 5% per year. Assuming this trend continues, how many members will there be in 2020? Round to the nearest thousand.
1 answer:
Answer:

Step-by-step explanation:
In this problem we have an exponential function of the form

where
a is the initial value
b is the base
The base is equal to
b=1+r
r is the average rate
In this problem we have
a=23,000 members
r=5%=5/100=0.05
b=1+0.05=1.05
substitute

x ----> is the number of years since 1985
How many members will there be in 2020?
x=2020-1985=35 years
substitute in the function

Round to the nearest thousand

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