the population of a town is 6,000 and is increasing at a rate of 3% each year. write an exponential function that can be used to find the population after x years.
The formula for exponential growth is given by:
P(x) = P0 * (1 + r)^x
where:
P(x) represents the population after x years
P0 represents the initial population (in this case, 6,000)
r represents the rate of growth (.03 or 3% in this case)
x represents the number of years
Substituting the given values into the formula:
P(x) = 6000 * (1 + 0.03)^x
Simplifying the equation gives:
P(x) = 6000 * (1.03)^x