Unfortunately, this equation assumes that the original 8 people are still alive after 1481 years and that all eight of them, as well as every other human born, is having more babies every year they’re alive. I don’t think that’s the case.
No it doesn’t. It just assumes the aggregate growth rate is positive. There could be a death rate of 30%, and a birth rate of 34.5%, and the math would be exactly the same.
No, it's based on a growth rate. If there are 1000 people and 10 die but 15 are born, you have 1005 (that's what he means by a 0.5% growth rate). He presumes that people are dying every year - the population growth today is actually much larger - 1.4% - regardless of how many die, the new population each year is higher, and this exponentially.
You didn’t have to tell us that you flunked math, but thanks anyway.
Actuarial skills on the part of the author...NOT!
Your post is spot on regarding the compounding equation. Thanks.