6. Topic 15 Review Part 1

First Box

Recall the formula for interest compounded continuously: $$A=Pe^{rt}$$

where P is the principal, r is the annual interest rate, and t is the number of years.

If you invest $1000 in an account, what interest rate will be required to double your money in 10 years?

Third Box

The exponential growth model $$y=Ae^{rt}$$  can be used to calculate the future population of a country. In this model, A is the current population and r is the rate of growth. y is the future population for a specific time, t, in years.

The population of a certain country has a growth rate of r = 0.063. Approximately how long will it take the country's population to grow from 23,000,000 to 48,000,000?