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is a mathematical constant whose value is approximately 2.718. When working on problems that involve , we often rely on calculators to estimate values.
The population of a colony of insects is 9 thousand when it was first being studied. The two students who are studying the colony of insects choose to model the population in slightly different ways. Here are their two functions used to model the growth of the colony months after the study began.
| (time in months) | (population in thousands) | (population in thousands) |
|---|---|---|
| 6 | ||
| 12 | ||
| 24 | ||
| 48 | ||
| 100 |
Exponential models that use often use the format shown in this example:
Here are some situations in which a percent change is considered to be happening continuously. For each function, complete any missing parts of the function and identify the growth rate as a percentage if it is not given.
Suppose 24 square feet of a pond is covered with algae, and the area is growing at a rate of 8% each day.
The area, in square feet, can be modeled with a function such as or , where is the number of days since the area was 24 square feet. This model assumes that the growth rate of 0.08 happens once each day.
In this lesson, we looked at a different type of exponential function, using the base . For the algae growth, this might look like . This model is different because the 8% growth per day is not just applied at the end of each day: It is successively divided up and applied at every moment. Because the growth is applied at every moment, or "continuously," the functions and are not the same, but the smaller the growth rate the closer they are to each other.
Many functions that express real-life exponential growth or decay are expressed in the form that uses . For the algae model , 0.08 per day is called the continuous growth rate while is the growth factor for 1 day. In general, when we express an exponential function in the form , we are assuming that the growth rate (or decay rate) is being applied continuously and that is the growth (or decay) factor. When is small, is close to .