The population of a city is 45,000 and decreases by 2% each year, What will the population be after 15 years?

Correct answer: N₁₅ = 33,236

Step-by-step explanation:

Given:

N = 45,000

decrease 2% each year

N₁₅ = ? Population after 15 years

Now N = 45,000

After first year N₁ = 45,000 · 0.98

After second year N₂ = N₁ · 0.98 = (45,000 · 0.98) · 0.98 = 45,000 · 0.98²

After third year N₃ = N₂ · 0.98 = 45,000 · 0.98² · 0.98 = 45,000 · 0.98³

...

After 15 years N₁₅ = 45,000 · 0.98¹⁵ = 45,000 · 0.739 = 33,235.6

N₁₅ = 33,236

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