The population of a small town is 54,922 and has been continuously declining at a rate of 3.6% each year. What is the approximate population of the town in 10 years?

38,064

35,150

38,318

78,721

Question

The population of a small town is 54,922 and has been continuously declining at a rate of 3.6% each year. What is the approximate population of the town in 10 years?

 38,064

 35,150

 38,318

 78,721

anonymous · Answer

y = ab^x ????

sumi29 · Answer

Its 38,318, found using the basic compounding formula.

anonymous · Answer

$$A = P(1-r/100)^{n}   = 54922 (1-3.6/100)^{10}$$   answer will be a 38064

sumi29 · Answer

You could do it that way too, I find it funny that two similar questions (this one and a different one by the same poster) have correct answers found using different equations. Though I think, the answer by @digitalmonk is correct.

anonymous · Answer

No, you were correct it was 38,318