Question

In 2003, the population of Charlotte, NC was 584,658. According to the U.S. Census Bureau, Charlotte has been growing at the rate of 4.8% annually since 2003. What equation models the population of Charlotte t years after 2003?

Answer 1

This is going to use the same equation as compound interest, as its analogous to a savings account gaining 4.8% interest a year. Heres the equation you want:
\[P=P_0 (1 + r)^t\] Where P is the population, P naught is the initial value, r is the interest rate (growth rate) and t is the amount of years since the initial year.