Question

The population of a small industrial town was 12 910 in 2000. Each year, the population decreases by an

average of 5%. Estimate the population in the year 2020. Round to the nearest whole number.

Answer 1

4628

Explanation:

We are given that

In 2000

The population of a small industrial town in 2000=12910

Depreciation rate, r=5% per year

We have to find the population in the year 2020.

Time from 2000 to 2020=20 years

`FV=PV(1-(r)/(100))^n`

Where FV=Future value

PV=Present value

Using the formula

`FV=12910(1-(5)/(100))^(20)`

`FV=12910((95)/(100))^(20)`

FV=4628

Hence, the population in 2020 =4628