Set 14: Exponential Functions

Choice A is correct. Choice A is the correct answer. Use exponential growth formula. 1. Formula: $P(t) = P_0(1 + r)^t$ where $P_0 = 50000$, $r = 0.03$, $t = 5$. 2. Calculate: $P(5) = 50000(1.03)^5 = 50000(1.159274) \approx 57,964$. 3. Result: Population ≈ 57,964. Strategic Tip: Growth rate of 3% means multiplying by 1.03 each year. Choice B is incorrect because this assumes simple addition (50,000 + 7,500). Choice C is incorrect because this assumes too high a growth rate. Choice D is incorrect because this only accounts for one year of growth.