Question

The population of the city of Miami is approximately 463,300 and is increasing at a rate of 3% each year. Use an exponential function to find the population of the city after 7 years. Round to the nearest whole number.

Answer 1

The population of the city after 7 years = 569,859

Explanation:

The population of the city of Miami = 463,300

The rate of increase in population every year = 3%

The population of the city after 7 years = ?

By formula,
`P_(n) = P (1 +(r)/(100))^(n )`

Pn is the population after 7 years

P is the current population = 463,300

r = 3 %, n = 7

`P_(7) = 463300 (1 +(3)/(100))^(7 )`

= 463300 (1.23)

= 569859

The population of the city after 7 years = 569,859