A $20,000 car decreases in value by 15% each year how much is the car worth after three years
2 answers:
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Answer:
<em>It will take 9 years for the population to double</em>
Step-by-step explanation:
<u>Exponential Growth </u>
The natural growth of some magnitudes can be modeled by the equation:
Where P is the actual amount of the magnitude, Po is its initial amount, r is the growth rate and t is the time.
The population of a city grows at a rate of r=8% = 0.08 per year. We are required to find when (t) the population will double, or P=2Po.
Substituting in the equation:
Simplifying:
Taking logarithms:
Applying the exponent property of logs:
Solving for t:
Calculating:
It will take 9 years for the population to double