After around 19 years, the population of Knoxville would reach 1 million.
Work Step by Step
Here is what we have: - The population of Knoxville currently. - The annual increase rate. So to calculate the population of Knoxville at a given time in the future, we would design an exponential model like this: $$p = p_n(1+r)^t$$ $p_n$: the population of Knoxville currently $(p_n=500.000)$ $r$: annual increase rate $(r=3.75\%=0.0375)$ $t$: the amount of time which has passed from now until the estimated time in the future (years) $p$: the population of Knoxville after time $t$ that we are estimating Here, as you can see, we need to find when the population would reach 1 million, which in essence is to find $t$ so that $p=1.000.000$ To find $t$, we substitute the known values: $$500000(1+0.0375)^t=1000000$$ $$500000\times1.0375^t=1000000$$ $$1.0375^t=2$$ Here, we use graphing calculator and find out that $t\approx18.828\approx19$ (years) Therefore, we can conclude that after around 19 years, the population of Knoxville would reach 1 million.