Question

The population of the small town of Parks in 2000 was estimated to be 3,901 people with an annual rate of decrease of about 1.8%. At this rate, what is the estimated population in 2013?

Answer 1

The estimated population in 2013 is 3081.

Solution-

This can be represented as exponential decreasing function,

`y=a(1 - r)^t`

Where,

• a = starting amount
• r = rate
• t = years

Putting the values,

`y=3901(1 - 0.018)^(13)`

`=3901(0.982)^(13)`

`=3901* 0.7897`

`=3080.62`

As population can not be in fraction, so after rounding off the estimated population in 2013 is 3081.