Exponential growth and decay are all around us in the real world.
Examples of exponential growth:
1. Population growth: When a population grows rapidly without any limits, it can follow exponential growth. As the population increases, the rate of growth also increases, leading to a very fast increase in numbers over time.
2. Compound interest: When money is invested in an account that earns compound interest, the amount of money in the account grows exponentially over time. This is because the interest earned is added to the initial investment, creating a snowball effect.
Examples of exponential decay:
1. Radioactive decay: Radioactive substances decay exponentially over time. This means that the amount of radioactive material decreases rapidly at first, but the rate of decay slows down as there is less material left.
2. Drug concentration in the body: Sometimes, when a person takes medication, the concentration of the drug in their body decreases exponentially as it is broken down and eliminated from the body. This is why medications often need to be taken at regular intervals to maintain a certain level in the bloodstream.
How are exponential growth and decay present in the real world? Give at least 2 examples for exponential growth and 2 examples of exponential decay. Use simple language and write like a student
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