The population of the world in 1987 was about 5 billion, and the relative growth rate was estimated at about 2 percent per year. Assuming that the world population follows an exponential growth model, find the projected world population in 1995 . Round your answer to 2 decimal places. The world population in 1995 is projected to be \( \square \) billion people.

To find the projected world population in 1995, we can use the formula for exponential growth: \[ P(t) = P_0 \times e^{rt} \] where: - \( P(t) \) is the population at time \( t \), - \( P_0 \) is the initial population, - \( r \) is the relative growth rate, - \( t \) is the time in years. Given: - Initial population in 1987, \( P_0 = 5 \) billion, - Relative growth rate, \( r = 2\% = 0.02 \), - Time period, \( t = 1995 - 1987 = 8 \) years. Substitute the given values into the formula: \[ P(8) = 5 \times e^{0.02 \times 8} \] Now, we can calculate the projected world population in 1995. Calculate the value by following steps: - step0: Calculate: \(5e^{0.02\times 8}\) - step1: Multiply the numbers: \(5e^{0.16}\) - step2: Convert the expressions: \(5e^{\frac{4}{25}}\) - step3: Rewrite the expression: \(5\sqrt[25]{e^{4}}\) The projected world population in 1995 is approximately 5.87 billion people.