Calculate the values of exponential functions, especially those using the base 𝑒, and understand their equations
Use compound interest formulas to work out how investments or loans grow over time in real-life financial situations
Find an exponential function that models continuous growth or decay
Writing an Exponential Model
In 2006, [latex]80[/latex] deer were introduced into a wildlife refuge. By 2012, the population had grown to [latex]180[/latex] deer. The population was growing exponentially. Write an algebraic function [latex]N(t)[/latex] representing the population [latex]N[/latex] of deer over time [latex]t[/latex].
We let our independent variable [latex]t[/latex] be the number of years after 2006. Thus, the information given in the problem can be written as input-output pairs: [latex](0, 80)[/latex] and [latex](6, 180)[/latex]. Notice that by choosing our input variable to be measured as years after 2006, we have given ourselves the initial value for the function, [latex]a = 80[/latex]. We can now substitute the second point into the equation [latex]N\left(t\right)=80{b}^{t}[/latex] to find [latex]b[/latex]:
[latex]\begin{array}{c}N\left(t\right)\hfill & =80{b}^{t}\hfill & \hfill \\ 180\hfill & =80{b}^{6}\hfill & \text{Substitute using point }\left(6, 180\right).\hfill \\ \frac{9}{4}\hfill & ={b}^{6}\hfill & \text{Divide and write in lowest terms}.\hfill \\ b\hfill & ={\left(\frac{9}{4}\right)}^{\frac{1}{6}}\hfill & \text{Isolate }b\text{ using properties of exponents}.\hfill \\ b\hfill & \approx 1.1447 & \text{Round to 4 decimal places}.\hfill \end{array}[/latex]
NOTE:Unless otherwise stated, do not round any intermediate calculations. Round the final answer to four places for the remainder of this section.
The exponential model for the population of deer is [latex]N\left(t\right)=80{\left(1.1447\right)}^{t}[/latex]. Note that this exponential function models short-term growth. As the inputs get larger, the outputs will get increasingly larger resulting in the model not being useful in the long term due to extremely large output values.
We can graph our model to observe the population growth of deer in the refuge over time. Notice that the graph below passes through the initial points given in the problem, [latex]\left(0,\text{ 8}0\right)[/latex] and [latex]\left(\text{6},\text{ 18}0\right)[/latex]. We can also see that the domain for the function is [latex]\left[0,\infty \right)[/latex] and the range for the function is [latex]\left[80,\infty \right)[/latex].
Graph showing the population of deer over time, [latex]N\left(t\right)=80{\left(1.1447\right)}^{t}[/latex], t years after 2006
Find an exponential function that passes through the points [latex]\left(-2,6\right)[/latex] and [latex]\left(2,1\right)[/latex].
Because we don’t have the initial value, we substitute both points into an equation of the form [latex]f\left(x\right)=a{b}^{x}[/latex] and then solve the system for [latex]a[/latex] and [latex]b[/latex].
Use the first equation to solve for [latex]a[/latex] in terms of [latex]b[/latex]:
[latex]\begin{array}{l}6=ab^{-2}\\\frac{6}{b^{-2}}=a\,\,\,\,\,\,\,\,\text{Divide.}\\a=6b^{2}\,\,\,\,\,\,\,\,\text{Use properties of exponents to rewrite the denominator.}\end{array}[/latex]
Substitute [latex]a[/latex] in the second equation and solve for [latex]b:[/latex]
[latex]\begin{array}{l}1=ab^{2}\\1=6b^{2}b^{2}=6b^{4}\,\,\,\,\,\text{Substitute }a.\\b=\left(\frac{1}{6}\right)^{\frac{1}{4}}\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\text{Use properties of exponents to isolate }b.\\b\approx0.6389\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\text{Round 4 decimal places.}\end{array}[/latex]
Use the value of [latex]b[/latex] in the first equation to solve for the value of [latex]a[/latex]:
Thus, the equation is [latex]f\left(x\right)=2.4492{\left(0.6389\right)}^{x}[/latex].
We can graph our model to check our work. Notice that the graph below passes through the initial points given in the problem, [latex]\left(-2,\text{ 6}\right)[/latex] and [latex]\left(2,\text{ 1}\right)[/latex]. The graph is an example of an exponential decay function.
The graph of [latex]f\left(x\right)=2.4492{\left(0.6389\right)}^{x}[/latex] models exponential decay.