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 are commonly observed in various aspects of the real world. Here are two examples of exponential growth:
1. Population Growth: The growth of a population can follow exponential growth. As the population increases, the rate of growth also increases due to the larger number of individuals reproducing. This growth can be seen in countries experiencing high birth rates and limited resources, resulting in rapid population expansion.
2. Compound Interest: Investments that earn compound interest also exhibit exponential growth. Compound interest applies to the initial investment as well as the accumulated interest, leading to continuous growth over time. The longer the investment period and the higher the interest rate, the faster the exponential growth occurs.
And here are two examples of exponential decay:
1. Radioactive Decay: Radioactive substances decay over time, and the rate of decay is proportional to the amount of the substance present. This decay is described by an exponential decay model. As time passes, the amount of the radioactive substance decreases rapidly, and the rate of decay remains constant, following exponential decay.
2. Medicine Elimination: Many medications or drugs are eliminated from the body through a process called metabolic decay. The concentration of drugs or medicines in the body gradually decreases, obeying a decay model. The decay rate is typically determined by the drug's half-life, which represents the time it takes for half of the substance to be metabolized or eliminated from the body.