Final answer:
The city's population experiences exponential decay, not growth. The rate of decay is 1.4% per year. After 15 years, the population would be approximately 109,570.
Step-by-step explanation:
This problem involves exponential decay, not growth.
The rate of decay is given as 1.4% per year. To determine the population after 15 years, we need to calculate the decrease in population using the given rate of decay.
The formula for exponential decay is: P(t) = P0 * (1 - r)t, where P(t) is the population after time t, P0 is the initial population, and r is the rate of decay.
First, substitute the given values: P(t) = 120,000 * (1 - 0.014)15.
Next, calculate the population after 15 years: P(t) = 120,000 * (0.986)15 = 109,570.