Answer:
The equation given is:
[tex]V(t) = 115.31e^{0.087t}[/tex]
As t represents the years after 2011, and we need to calculate exports in 2019 and 2020.
For 2019
t = 2019 - 2011 = 8
Substitute in the given equation:
[tex]V(8)=115.31e^{0.087((8)}\\V(8)=230.62[/tex]
For 2020
t = 2020-2011 = 9
[tex]V(9)=115.31e^{0.087((9)}\\V(9)=251.38[/tex]
First calculate V(0)
[tex]V(0)=115.31e^{0.087((0)}\\V(0)=115.31[/tex]
Formula for the growth rate is given by:
Growth Rate = (present/past)^1/t - 1
[tex]G.R=(\frac{Present}{Past})^{\frac{1}{t}}-1[/tex]
Where
Past = 115.31
Calculate Growth Rate for 2019
Present = 230.62
t = 8
Substitute in the equation of Growth rate:
[tex]G.R=(\frac{230.62}{115.31})^{\frac{1}{8}}-1\\G.R =1.09-1\\G.R = 0.09\\[/tex]
In percentage, the growth rate is:
G.R = 9.05 %
Calculate Growth Rate for 2020
Present = 251.38
t = 9
Substitute in the equation of Growth rate:
GR= 9.05%
