The number of cell phones in China is exploding In 2007 ther

The number of cell phones in China is exploding. In 2007, there were 487.4 million cell phone subscribers and the number is increasing at a rate of 16.5 % per year. How many cell phone subscribers are expected in 2015? Use the formula N= N Subscript 0 Baseline e Superscript r t, where Upper N represents the number of cell phone subscriptions. Let t equals 0 correspond to 2007.

Solution

N=N₀e^kt

N₀= 487.4 million

t=2015-2007=8

k=16.5%=.165

N= 487.4 e^.165*8

N= 1824.54 millions