Question

A city with a current population of 1.23 million people has a growth rate of 2.3%. Find the multiplier for exponential growth.
Select one:
a. 0.923
b. 1.3
c. 1.023
d. 1.23

Answer 1

@SolomonZelman @zepdrix

Answer 2

Well, if the population grows +2.3% each year, then each year is 102.3% percent of the previous, so the multiplier (in this case the common ratio) would be 1.023.

Answer 3

And you get something like \(\normalsize\color{blue}{ a_n=1.23 \times(1.023)^{n-1}}\) this would be for Nth year.