Problema Solution
The population of a small town is 23.781 and has been continuously declining at a rate of 2.3% each year. What is the approximate population of the town in 17 years?
Answer provided by our tutors
A population of 23.781 might be 23,781 or might be something larger, it just depends on what exact figure is actually being provided (since a decimal count makes no sense).
let 'p' represent the initial population (23.781)
let 'T' represent the new population
let 'r' represent the rate of change (1-0.023)
let 'y' represent the number of years (17)
the exponential equation we have is:
T = p*r^y
T = 23.781*(1-0.023)^17
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calculate exponential decrease
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T = 16.012
...so, the town's population is now 16.012 but no way of determining what units are intended