Whenever I have a problem like this (and admittedly mine are more complex these days) I start be determining by hand how to acheive the desired effect (how long it will take for one population to exceed the other). Then I translate this into a program to do it for me. The key is to work it out on paper first, analyze how you came to your solution, and then translate that into a computer program. After you done with that you can optimize your output.
From the wording of your assignment, it looks as though you are supposed to use loops to figure out the solution. If you assume that each iteration through the loop represents a year, you can adjust the population of the species accordingly. Try working it out from there.
If you need to experiment by hand, try using nice, round numbers. Say SpeciesA starts with 100 and grows at 3/year, and SpeciesB starts with 200 and grows at 2/year.
As far as loops are concerned, you have two options: for and while. (OK, you have do...while, but I never use that one; it is always possible to write code that uses while instead of do...while). for loops are best when you know how long something will take (such as iteration). while loops are better used when something depends on some condition and not necessarily a specific number of iterations.
BTW, you don't need to use loops to figure this out, but I think that defeats the point of the assignment
One more BTW (style nit-picking): Personally, I try to avoid using end-of-line comments. I find that it is better to state what I am gong to do before actually doing it. It helps from a logical flow, and it makes the code (IMHO) more readable: the code and the comments are on separate lines. eg:
instead of
This is just my preference, of course. But you might get some benefit from it. (Of course, you are free to be completely different from me, too

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[ April 11, 2003: Message edited by: Joel McNary ]