Suppose that the number of employees in a new company is exp

Suppose that the number of employees in a new company is expected to grow, with the number of employees modeled by N = 1000(0.03)^0.2, where t is the number of years after the company was formed. How many employees did the company have when it started? N = ____employees (Do not round until the final answer. Then round to the nearest integer as needed.) Enter your answer in the answer box and then click Check Answer.

Solution

Given that the number of employees at t is

N = 1000 . exp (0.3)^k ,,

where k = (0.2)^t

At the start , t =0., k =1

So , the number of employees at the start

N =1000. exp (0.3)

       = 1000 e^0.3

       =1350 (to the nearest integer)