Suppose the world demand for copper is about 8,600,000 tons per year. The known global reserves are 308,000,000 tons. The demand for copper is increasing at a rate of 4.6%. What is the exponential reserve for copper?

Question

Quizplus · Accepted Answer

The exponential reserve is calculated using the formula: Reserves / (Annual Demand * (1 + Growth Rate)). Plugging in the values: 308,000,000 / (8,600,000 * 1.046) ≈ 21.62 years.

Suppose the World Demand for Copper Is About 8,600,000 Tons