Oil Consumption. In 1980, China consumed 1.85 million barrels of oil per day. By 2012, that consumption had grown to 10.28 million barrels per day. (Sources: U.S. Energy Information Administration; NextBigThingInvestor.com) Assuming that the consumption of oil C0 in China has grown exponentially:
a) Find the value of k, and determine the exponential growth function, assuming that C0 = 1.85 and t is the number of years after 1980.
b) Estimate the consumption of oil in 2005.
c) What is the doubling time for the consumption of oil in China?
d) After how long will the consumption of oil in China be 13 million barrels per day, assuming that there is no change in the growth rate?
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