Find the expression for the number of books N in a public li

Find the expression for the number of books, N, in a public library expressed as a function of the years, t, since 2012. Assume the number of books grows uninhibitedly exponentially with the annual rate of 5% and there were 8700 books in 2012

(a) N = 8700 + 0.05t

(b) N = 8700 * (0.05)^t

(c) N = 8700 * (1.05)^-t

(d) N = 8700 * (1.05)^t

Solution

The exponential equation is

N= N₀(1+r)^t

N₀ is the number of books in 2012 which is 8700

r is the rate of interest which is 5% that is .05

So the required exponential model is

N= 8700* (1+.05)^t

N= 8700* 1.05^t

correct option is d