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If Population is increasing over time: Growth Funtion=
If population is decreasing over time: Decay Function =
where N0 is initial population at t = 0, N(t) is population at time t, k is growth/decay rate.
Population in 2003 = 47.1 milion
Projected population in 3037 = 29.5 mllion
in 2003 --> t = 0
in 2037 --> t = 34
Since population is decreasing,
0.9863334 = 1 - k
k = 1 - 0.9863334
k = 0.0136666
k = 1.3667%
This is decay rate. So growth rate is -1.3667%
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