7 Question Category Exponential Growth Select the correct answer
A country's population in 1993 was 183 million. In 2001 it was 187 million. Estimate the population in 2004 using the exponential growth formula Round your answer to the nearest million

  189 million

Step-by-step explanation:

The exponential formula can be written from the given information. We are given a growth factor of 187/183 that applies to an 8-year time period. That means we need to scale the time by a factor of 8 if we're going to use that growth factor:

  p = a·b^t . . . . . . . initial value 'a'; growth factor b

  p = 183(187/183)^(t/8) . . . . where t is years after 1993

For 2004, 11 years after 1993, the estimated population is ...

  p = 183(187/183)^(11/8) ≈ 189 . . . million

The population estimate for 2004 is 189 million.

Additional comment

The annual growth factor is (187/183)^(1/8) ≈ 1.00271. That is, it is about 0.271% per year.