Question

The population of the world in 1990 was 50 billion and the relative growth rate was estimated at 0.5 percent per year. Assuming that the world population follows an exponential growth model, find the projected world population in 2018.

Answer 1

Alternative 1, using formula of Exponential Growth Model

Where P = Total Population after time t

Po = Population at the beginning = 50 Billion

r = rate of growth = 0.50%

t = Time = 28 years

Therefore,

= 50 x 1.1499

= 57.4936 Billion

Alternative 2 - Exponential Growth Model

Where e = Euler's Number equivalent to 2.71828

=50*(2.71828)^(28*0.005)

= 57.5137 Billions

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