Problema Solution
A town in the mid west has been experiencing a steady population decline of 6.5 % per year for the past decade. If there were 49900 residents in the year 2011 and the trend continues, what will the population be in the year 2028?
Answer provided by our tutors
The population can be described with the formula:
P(n) = 49,900(1 - 0.065)^n
Where 'n' is the number of years.
When 'n = 0' it is the year of 2011 and there are 49,900 residents, that is:
P(0) = 49,900(1 - 0.065)^0
P(0) = 49,900
After 2028 - 2011 = 17 years we can find the population by plugging in 'n = 17' into P(n) = 49,900(1 - 0.065)^n
P(17) = 49,900(1 - 0.065)^17
P(17) = 15,198
Future population = 15,198 in the year 2028.