Flashcard 9 - Mathematics: Algebraic Reasoning Flashcard Set for the TSIA2
Back
It represents the growth factor of the population with a \(30\%\) growth rate per year.
Explanation:
The exponential growth model is given by the equation:
\[a = a_{0}(1+r)^t\]Where \(a\) is the final amount, \(a_{0}\) is the initial amount, \(r\) is the growth rate, and \(t\) is the time period.
Looking at our equation \(P = 1000(1.3)^5\), we can clearly see that \(1.3\) is the growth factor. Solving for \(r\):
\[1.3 = 1 + r\] \[r = 1.3 - 1\] \[r = 0.3\]In percent, that is \(0.3 \times 100 = 30\%\). So, \(1.3\) represents the growth factor with a growth rate of \(30\%\).
All Flashcard Sets for the TSIA2 are now available as downloadable PDFs