Question

A certain population has been show to be declining at a 3% annual rate. The initial population is 50,000. What will the population be after 8 years?

Answer 1

Answer: 39,187 people

Explanation:

This would be best answered with a future value formula:

= Population * ( 1 + interest rate) ^ number of years

The population is declining so the interest rate will be a negative: -3%

= 50,000 * ( 1 - 3%)⁸

= 39,187 people