Math Problem Statement
A city with a 2022 population of 107,000 has a growth control policy that limits the increase in residents to 1.5% per year. Naturally, this policy causes a great deal of dispute. On one side, some people argue that growth costs the city its small-town charm and clean environment. On the other side, some people argue that growth control costs the city jobs and drives up housing prices. Finding their work limited by the policy, developers suggest a compromise of raising the allowed growth rate to 5% per year. Contrast the populations of this city in 2032, 2042, and 2082 for 1.5% annual growth and 5% annual growth, using the approximate doubling time formula. If asked to mediate the dispute between growth control advocates and opponents, explain the strategy that would be used.
Solution
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Math Problem Analysis
Mathematical Concepts
Exponential Growth
Doubling Time
Formulas
Exponential Growth Formula: P(t) = P_0 * (1 + r)^t
Doubling Time Formula: T_d = 70 / r
Theorems
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Suitable Grade Level
Grades 9-12
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