Question

PLEASE HELP
A country's population in 1993 was 83 million. In 2001 it was 87 million. Estimate the population in 2004 using the exponential growth formula

Answer 1

Xt = Xo (1+r)^t

Xo is assumed to be 0, as at t=0, Xo = 0

Xt = (1+r)^t.

At 1993,
83 = (1+r)^1993
r = 0.00221964

Xt = (1+0.00221964)^t

At 2004,
Xt = (1+0.00221964)^2004 = 85.0491732