Question

A country's population in 1993 was 94 million. in 1999 in was 99 million. estimate the population in 2005 using the exponential growth formula. round your answer to the nearest million. P=Ae^kt

Answer 1

The initial population is
P₀ = 94 million in 1993

The growth formula is
$P(t) = P_{0}e^{kt}$
where P(t) is the population (in millions) after t years, measured from 1993.
k = constant.

Because P(5) = 99 million (in 1999), 
$94e^{5k} = 99 \\e^{5k}=1.0532 \\ 5k = ln(1.0532) \\ k = 0.010367$

In the year 2005, t = 12 years, and
$P(12)=94e^{0.010367*12} = 106.45$

Answer: 106 million (nearest million)