The population of Toledo, Ohio was approximately 500,000 in 2000. Assume the population is increasing at a rate of 5% per year.
Write the exponential function in the form P(t) = a(b)t that relates the total population as a function of t. (Let t = 0 correspond to year 2000.)
Use part (a) to determine the rate at which the population is increasing in t years. (Round your coefficients to the nearest integer.)
Use part (b) to determine the rate (in individuals per year) at which the population is increasing in 10 years. (Round your answer to the nearest integer.)