Your city has been increasing in size over the past few decades. In the past 10...
Your city has been increasing in size over the past few decades. In the past 10 years alone, the population has increased from 500,000 to 750,000 people. What is the growth rate of your city?
Homework Answers
Initial population N0 = 500,000 and the final population N = 750,000. Time T = 10 years.
From the exponential type of growth of population
N = N0 Exp(r T) => 750000 = 500000 Exp(r x 10)
Solving the above equation for r, we get
=> r = 0.04.
Hence the growth rate r = 0.04 = 4%.
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