Question

After years of maintaining a steady population of 32,000, the population of a town begins to grow exponentially. After 1 year and an increase of 8% per year, the population is 34,560. Which equation can be used to predict, y, the number of people living in the town after x years? (Round population values to the nearest whole number.)

y = 32,000(1.08)x
y = 32,000(0.08)x
y = 34,560(1.08)x
y = 34,560(0.08)x

Answer 1

y = 32,000(1.08)^x

Reason: start value is 32,000 and an 8% annual increase means multiply by 1.08 each year; after 1 year 32,000·1.08 = 34,560.