the population of the world in 1987 was 5 billion and the relative growth rate was estimated at 1.73% per…

the population of the world in 1987 was 5 billion and the relative growth rate was estimated at 1.73% per year. assuming that the world population follows an exponential growth model, find the projected world population in 1995. round your answer to 3 decimal places.\nyour answer is billion people

the population of the world in 1987 was 5 billion and the relative growth rate was estimated at 1.73% per year. assuming that the world population follows an exponential growth model, find the projected world population in 1995. round your answer to 3 decimal places.\nyour answer is billion people

Answer

Explanation:

Step1: Identify the exponential - growth formula

The exponential - growth model is $P(t)=P_0e^{rt}$, where $P_0$ is the initial population, $r$ is the relative growth rate, and $t$ is the time elapsed.

Step2: Determine the values of $P_0$, $r$, and $t$

We know that $P_0 = 5$ billion (the population in 1987), $r=0.0173$ (since $1.73%=0.0173$), and the time from 1987 to 1995 is $t = 1995 - 1987=8$ years.

Step3: Substitute the values into the formula

Substitute $P_0 = 5$, $r = 0.0173$, and $t = 8$ into $P(t)=P_0e^{rt}$. So $P(8)=5e^{0.0173\times8}$.

Step4: Calculate the result

First, calculate $0.0173\times8 = 0.1384$. Then, $e^{0.1384}\approx1.1481$. Multiply by 5: $P(8)=5\times1.1481 = 5.7405\approx5.741$ billion.

Answer:

$5.741$