The initial population is
P₀ = 94 million in 1993
The growth formula is
[tex]P(t) = P_{0}e^{kt}[/tex]
where P(t) is the population (in millions) after t years, measured from 1993.
k = constant.
Because P(5) = 99 million (in 1999),
[tex]94e^{5k} = 99 \\e^{5k}=1.0532 \\ 5k = ln(1.0532) \\ k = 0.010367[/tex]
In the year 2005, t = 12 years, and
[tex]P(12)=94e^{0.010367*12} = 106.45[/tex]
Answer: 106 million (nearest million)
