Solve the Problem $\mathrm { P } ( \mathrm { t } ) = 1 + \mathrm { ke } ^ { 0.12 \mathrm { t } }$

question 392

Multiple Choice

Solve the problem.
-The population of a particular city is increasing at a rate proportional to its size. It follows the function $\mathrm { P } ( \mathrm { t } ) = 1 + \mathrm { ke } ^ { 0.12 \mathrm { t } }$ where $\mathrm { k }$ is a constant and $\mathrm { t }$ is the time in years. If the current population is 18,000 , in how many years is the population expected to be 45,000 ? Round to the nearest year.

• A) \(53 \mathrm { yr }\)
• B) \(3 \mathrm { yr }\)
• C) \(8 \mathrm { yr }\)
• D) \(5 \mathrm { yr }\)

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Definitions:

Consolidated Income Statement

A consolidated income statement is a financial statement that aggregates the financial performance of a company and its subsidiaries.

Net Income

The amount of profit remaining in a company after all expenses, taxes, and costs have been subtracted from total revenue.

Accrual-Based Net Income

The net income of a company calculated based on accrual accounting, recognizing revenues when earned and expenses when incurred, regardless of cash flow.