Question

The population of a small town is decreasing at a rate of 7% per year. If the town's population is 13,250 now, what will be the approximate population in 10 years?

Answer 1

The approximate population of the small town after 10 years is 6,413

Explanation:

Here we note that the general growth formula is given by;

`A = P(1+r)^(t)`

For decreasing rate, we have;

`A = P(1-r)^(t)`

Where:

A = Population after growth

P = Initial population = 13250

r = The annual reduction rate in decimals = 7 % = 7/100 = 0.07

t = Number of years of decrease= 10 years

Since the population is decreasing, then by plugging in our values into the above equation for decreasing rate, we have

`A = 13250(1-0.07)^(10)`

= 6.412.766 ≈ 6,413

The approximate population of the small town after 10 years = 6,413