Question

In 2003, the population of Raleigh, NC was 316,802. According to the U.S. Census Bureau, Raleigh has been growing at the rate of 12% annually since 2003. What equation models the population of Raleigh t years after 2003?

Answer 1

to increase a number by \(12\%\) multiply it by \(100\%+12\%=112\%=1.12\)

Answer 2

to do it repeatedly, say \(t\) times, multiply it by \((1.12)^t\)