At the beginning of a population study, a city had 230,000 people. Each year since, the population has grown by \( 8.2 \% \). Let \( t \) be the number of years since start of the study. Let \( y \) be the city's population. Write an exponential function showing the relationship between \( y \) and \( t \).
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Bonus Knowledge
The exponential function modeling the city's population over time can be expressed as \( y = 230,000(1 + 0.082)^t \) or simplified to \( y = 230,000(1.082)^t \). Here, \( t \) represents the number of years since the study began, and \( 1.082 \) reflects the annual growth factor due to the \( 8.2\% \) growth rate. To visualize this growth, imagine a small tree that seems to sprout only a little each year but eventually transforms into a towering giant. The same logic applies here: while the growth in the early years may seem small, compounded annually, it leads to significant changes down the line, showcasing the power of exponential growth!