Question

The number of employees for a certain company has been decreasing each year by 2%. If the company currently has 690 employees and this rate continues, find the number of employees in 13 years

Answer 1

511 employees

Explanation:

Given data

P=690

rate= 2%

time = 13 years

let us apply the simple interest formula

A=P(1-rt)

Note the negative sign (since we are dealing with decrease)

A= 690(1-0.02*13)

A=690(1-0.26)

A=690*0.74

A=510.6

A= 511 approx

Hence the population will reduce to 511 employees