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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
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?
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