The second common family of functions that naturally arises as the set of solutions to a family of differential equations are exponential functions. Here we will let our dependent variable be
\(P\) (for population, measured in individuals) and out independent variable be time,
\(t\text{,}\) in whatever units make sense for the problem.
The defining feature of a population that is growing exponentially is the following: the instantaneous growth rate in \(P\) is proportional to \(P\text{,}\) with some constant of proportionality \(k\). Assuming \(P(t_0) = P_0\text{,}\) finding the population as a function of time amounts to solving the IVP
\begin{equation*}
P' = kP, P(t_0) = P_0.
\end{equation*}
The solution to this IVP is given by \(P(t) = P_0e^{kt}\)
Observe that the units of
\(P'\) are
\(\frac{\text{individuals}}{\text{time}}\text{.}\) Since
\(P\) has units of individuals, in order for the differential equation to be dimensinally consistent the units of
\(k\) must be
\(\frac{1}{\text{time}}\text{.}\) This is a commonly encountered unit for percent rates of change because percentages are by definition dimensionless.