Discussion for Exponential Growth and Decay Discussion
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 both present in various aspects of the real world.
Exponential Growth:
1. Population growth: The growth of a population can be modeled using exponential growth. As the population increases, the rate of growth also increases, leading to exponential growth over time.
2. Compound interest: When money is invested or borrowed with compound interest, the amount of interest earned or paid grows exponentially over time. This is because the interest is calculated on both the initial investment or loan amount as well as the accumulated interest.
Exponential Decay:
1. Radioactive decay: Radioactive materials decay exponentially over time, meaning that the amount of radioactive material decreases at a consistent rate. This is commonly used in radiometric dating to determine the age of archaeological artifacts.
2. Half-life of drugs: The half-life of a drug refers to the amount of time it takes for half of the drug to be metabolized or eliminated from the body. This process follows exponential decay, as the concentration of the drug decreases by a certain percentage over a given period of time.