Given:
The initial population is P(i) = 23,900.
The annual growth rate is r = 9% = 0.09.
The number of year is t = 2020-2012 = 8 years.
The objective is to find the population in the year 2020.
Explanation:
The growth formula to find the final population is,
[tex]P=P(i)\times(1+r)^t\ldots\text{ . . . (1)}[/tex]On plugging the given values in equation (1),
[tex]P=23900(1+0.09)^8[/tex]On further solving the above equation,
[tex]\begin{gathered} P=23900(1.09)^8 \\ =47622.2471\ldots\text{.} \\ \approx47622 \end{gathered}[/tex]Hence, the final population using the exponential growth formula is 47622.
