Applying the formula for the exponential growth model, the growth rate is 0.046447277776453351798354258063923
the exponential growth is a data pattern that illustrates an increase over time by generating an exponential function curve.
The exponential growth model can be expressed as:
P(t) = P(0) x e^(k.t)
Where:
P(t) = Value at time t
P(0) = Initial value
k = growth rate
Information from the problem:
P(0) = 491,675
P(t) = 782,341
t = 2010 - 2000 = 10 years
Substitute the data into the formula:
782,341 = 491,675 x e^{10k}
e^{10k} = 782,341 / 491,675
10 k . ln e = ln (782,341 / 491,675)
10 k = 0.46447277776453351798354258063923
k = 0.046447277776453351798354258063923
Read more about the exponential growth model here:
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