Exponential modelling is where real-life situations are modelled using exponential growth and decay
Exponential growth is typically used for …
… population (animals and humans) increase
… the value of an investment under compound interest
Exponential decay is typically used for …
… levels of radioactivity
… quantity of a drug in a person’s bloodstream
… depreciation (eg value of a standard car)
It is important to consider if a model is only relevant for a certain period of time
Can a population increase forever?
Will a very old car still be worth a small amount of money?
For example: Consider a substance that initially contains 2000 radioactive atoms where the number of radioactive atoms, N, at time, t hours, is modelled by
y is N
A = 2000 – the initial number of radioactive atoms
k > 0 so the negative indicates this must be exponential decay
t is used (rather than x) as the situation is time-dependent