The population of a town is 625,000 and is increasing at the annual rate of 4.05%. When will the pop. b 1 mill

Question

use the equation P(1+r)t t is the exponent is got this far
1,000,000=625,000(1+.0405) raise to the t which is how many years is will be. i dont remeber how to solve for exponents

Answer 1

I don't recall how to solve for the exponents, but the previous answer of 1.3 years is way off. Below are the results of an Excel spreadsheet where I grew the population by 4.05%.

Year- Population
0------ 625,000
1------ 650,313
2------ 676,650
3------ 704,054
4------ 732,569
5------ 762,238
6------ 793,108
7------ 825,229
8------ 858,651
9------ 893,426
10---- 929,610
11---- 967,259
12--- 1,006,433

Answer 2

1,000,000=625,000(1+.0405) ^t
1.6 = (1.405)^t
get ln of both sides

ln 1.6 = ln (1.405)^t

ln 1.6 = t ln 1.405

t = ln 1.6 / ln 1.405

t = 0.47 / 0.34

t = 1.38 years