Exponential growth is a process in which the size of a population or quantity increases at a constant rate over a period of time. This results in a curve that becomes increasingly steep over time.
The formula for calculating exponential growth is A = P(1 + r)^t, where A is the final amount, P is the initial amount, r is the growth rate, and t is the time period.
The growth rate, represented by the variable r, is a measure of the speed at which the population or quantity is increasing. A higher growth rate leads to a steeper curve and faster growth.
If the growth rate is changing, the formula for calculating exponential growth becomes more complex. In this case, the growth rate would need to be calculated for each time period and the resulting values would be used in the formula for exponential growth.
Technically, exponential growth can continue infinitely. However, in the real world, resources and other limiting factors eventually cause the growth rate to slow down and reach a plateau, resulting in a logistic growth curve instead of an exponential one.