Question

A small town currently has a population of 15,000. Each year the population decreases by 2.25%. What will the population be in 8 years

Answer 1

Answer: 12,503 people

Explanation:

This is an exponential decrease so to find the population in 8 years you have to use a future value formula:

= Amount * (1 + rate) ^ number of years

= 15,000 ( 1 + (-2.25%)) ⁸

= 15,000 * (1 - 2.25%)⁸

= 12,503.32

= 12,503 people