as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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explain the concept of exponential growth.
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exponential growth is a process where a quantity increases at a rate proportional to its current size. this means the growth rate increases exponentially. for example, suppose the population of a species doubles every year. this type of growth can be represented by a curve on a graph where the line increases at a greater rate over time. exponential growth can often lead to a rapid increase in quantity or size over a short period of time.
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