Question

A herd of cattle started with a population of 10,000 and was 20,000 after 10 years. If the population was growing exponentially, what was the growth rate?

Answer 1

Answer:

The growth rate is 7.2%

Step-by-step explanation:

First thing we need to do here is to set up an exponential equation;

This can be written as follows;

F = I(1 + r)^t

where F is the future value = 20,000

I is the initial value = 10,000

r is the rate in percent which we want to calculate

t is time in years = 10 years

Substituting the values in the question into the exponential equation, we have;

20,000 = 10,000(1 + r)^10

divide both side by 10,000

2 = (1+r)^10

Find the 10th root of both sides

1+ r = 2^(1/10)

1 + r = 1.07177346254

r = 1.07177346254-1 = 0.07177346253

Let’s approximate r as 0.072

Now this to percentage?

That would be 72/1000 * 100% = 7.2%