Question

The population of a small town is 23,781 and has been continuously declining at a rate of 3.2% each year. What is the approximate population of the town in 17 years?

10,844 <-- (I know for sure this is the wrong answer but it is the only I get. What am I doing wrong?)

13,803

13,681

40,972

Answer 1

Let me see your "wrong" work so I can tell you what you are doing wrong.

Answer 2

23781x .032 = 761per year less so 17yrs x 761=12937 people less 23781-12937 = 10844

Answer 3

@javo22 That is the wrong answer

Answer 4

@Easyaspi314 I used the P(1+r/n)^nt formula

Answer 5

The problem with your soilution, is that each year it decreases by 3.2% from the previous year. Your work shows that it decreases 761 people a year which is false.

Correct formula is 23,781(1- .032)^17

= 13,681

Answer 6

Oh okay! That makes much better sense!

Answer 7

Do you think you can help me out with another one? @Easyaspi314 (:

Answer 8

sure

Answer 9

Here is the question:

Tracy purchased a building for $209,350. The land appreciates about 4.5% each year. What is the value of the land after 15 years?

Would I set it up like this: 209,350(1 + 0.045)^15

Answer 10

perfect. And you get 405,151

Answer 11

Awesome! Thanks again! :D

Answer 12

welcome.