Question

The population of a town was 230000. For 12 years, the population grew by 4% per year, compounded continuously. What was the population at the end of the 12 year period according to the exponential growth function? Round your answer down to the nearest whole number, and do not include units.

Answer 1

Answer: 371697

Explanation:

For continuously compounded values, we use the formula Pe^rt, or Pert. P is our principal/initial value, 230000. e is the constant e, r is our rate, 4% or .04, t is our time, 12. So, 230000*e^(.04*12)=371697.112504, rounding down, 371697.