What is exponential growth? Whenever something is increasing or growing rapidly as a result of a constant rate of growth applied to it, that thing is experiencing exponential growth.
For example suppose that the population of Florida was 16 million in 2000. Then every year, the population has grown by 2%. This is an example of exponential growth.
Notice that the rate of growth is 2% or 0.02 and it is constant. This is important since the rate of growth cannot change.
Let us find the exponential function.
Year 2001 or 1 year after:
16,000,000 + 16,000,000 x 0.02 = 16,000,000 (1 + 0.02 ) = 16,000,000(1.02)
= 16,000,000(1.02)^{1}
Year 2002 or 2 years after:
16,000,000(1.02) + 16,000,000(1.02) x 0.02 = 16,000,000(1.02) [1 + 0.02]
= 16,000,000(1.02)(1.02)
= 16,000,000(1.02)^{2}
Following this pattern, suppose that
Then y = 16,000,000(1.02)^{x}
General rule for modeling exponential growth
Exponential growth can be modeled with the function
y = ab^{x} for a > 0 and b >1
y = ab^{x}
x is the exponent
a is the starting amount when x = 0
b is the base, rate, or growth factor and it is a constant and it is greater than 1.
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Learn how to solve two types of logarithmic equations
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Jul 06, 18 12:29 PM
Learn how to solve two types of logarithmic equations
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