How are exponential growth and decay present in the real world? Give at least 2 examples for exponential growth and 2 examples of exponential decay.
Exponential growth and decay can be observed in various aspects of the real world. Here are two examples of exponential growth and two examples of exponential decay:
Exponential Growth:
1. Population growth: As a population reproduces and adds new individuals, the population size tends to grow exponentially. Without limiting factors, such as resources or diseases, the number of individuals in a population can increase rapidly.
2. Compound interest: In finance, compound interest allows investments to grow exponentially over time. The interest earned is added to the initial investment, and as the interest continues to accumulate, the growth rate increases steadily.
Exponential Decay:
1. Radioactive decay: When a radioactive substance undergoes decay, the number of radioactive atoms decreases exponentially over time. The rate of decay remains constant, but the quantity of the substance decreases by a fixed percentage at regular intervals.
2. Drug levels in the body: When a person takes medication, the concentration of the drug in their body gradually decreases over time. This decay follows an exponential pattern, with the drug being metabolized and eliminated from the body in a consistent manner.