Question

1. a company currently has 500 employees. the number of employees is expected to grow at a rate of 2% each year. write an exponential function to model the number of employees in the company, y, after x years. enter your answer in the box provided. y =

Explanation:

Step1: Recall exponential growth formula

The standard exponential growth function is $y = a(1+r)^x$, where $a$ is the initial amount, $r$ is the annual growth rate, and $x$ is time in years.

Step2: Identify given values

Initial employees $a=500$, growth rate $r=2\%=0.02$.

Step3: Substitute values into formula

Substitute $a=500$ and $r=0.02$ into the formula:
$y = 500(1+0.02)^x = 500(1.02)^x$

Answer:

$y=500(1.02)^x$