In 2016 the United States had a population of about 323 million people and was growing at 0. Use an explicit exponential model to predict what year...
View the step-by-step solution to:

Question

In 2016 the United States had a population of about 323 million people and was

growing at 0.7 %. Use an explicit exponential model to predict what year the U.S. population will reach 500 million people

round to the nearest year.

I did this and was wrong.

Pn=Po(1+r)^n

500=323(1+.007)^n

divide both sides by 323

1.547=(1.007)^n

log(1.547)=nlog(1.007)

I then divided both sides by log(1.007)

and my answer was 62.548. I put my answer as 63 years.

Can someone explain what I did wrong, and how get the correct answer?

Top Answer

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question