Advanced MathMediumYearly growth rate from an exponential model
Advanced Math practice question
The population of a town t years from now is modelled by P(t) = 12,000(1.03)ᵗ. By what percent does the model say the population grows each year?
Answer: 3
The factor 1.03 means each year's population is 103 percent of the previous year's, a 3 percent increase.
Common wrong answers
- If you answered 12
- 12 comes from the starting population.
- If you answered 103
- 103 is the new percent of the old, not the increase.
- If you answered 1.03
- 1.03 is the growth factor, not the percent.
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