Using the exponential growth formula, find the amount owed by his friend after 6 years? Round your answer to the nearest integer. Therefore, the number of fishes at the end of one year = 365.Įxample 2: Jake lends $20,000 to his friend at an annual interest rate of 5.7%, compounded annually. Y = 50 (7.29) 1 = 364.5 ≈ 365 (Rounded to the nearest integer).Ĭan you try this problem using any other formula of exponential growth? So we substitute x = 1 and b = 7.29 in (1). We have to find the number of fishes at the end of 1 year. Here, you can observe that b = 7.29 > 1, as it is exponential growth. So we substitute x = 1/2 (half-year) and y = 135 in the above equation. It is given that the number of fishes after 6 months is 135. Since the fishes increased exponentially, we use the exponential growth formula. If the fishes are growing exponentially, then how many fishes will there be in the pond at the end of one year? Round your answer to the nearest integer. They had increased to 135 after six months. Note: Here, b = 1 + r ≈ e k. In exponential growth, always b > 1.īook a Free Trial Class Examples Using Exponential Growth FormulaĮxample 1: There were 50 fishes in a pond.
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