Question

Each year the annual global demand for figs increases by 6%. If the demand for figs was 2.1 tonnes in 1996, what will the demand be in 2002?

Answer 1

We can use the exponential growth to find the demand in 2002, the formula is

`D=A\left(1+r\right)^t`

Where

A = initial value, here, we will consider it as 2.1 tonnes

r = rate in years, here it's 6%, in decimal 0.06

t = time after 1996, in years.

Therefore

`\begin{gathered} D=2.1\left(1+0.06\right)^6 \\ \\ D=2.1\left(1.06\right)^6 \\ \\ D=2.1\cdot1.41852 \\ \\ D=2.98\text{ tonnes} \end{gathered}`

Hence, in 2002 will be demanded 2.98 tonnes.