An instantaneous growth rate of slightly less than `2`% is necessary if the average annual rate is to be `2`%, because the instantaneous rate is being applied later in the year to a bigger population than was present at the start of the year. Thus, if `k=0.02` when `Delta t=1`, then `k` shrinks a little as `Delta t` gets smaller, which means `K` will be a little smaller than `0.02` for the same population. In fact, to have a `2`% yearly growth, K should be approximately `0.0198 text(.)`