A town in the mid west has been experiencing a steady population decline of 3.75 % per year for the past decade. If there were 31900 residents in the year 2011 and the trend continues, what will the population be in the year 2030?
2030 - 2011 = 19 years of declining population.
31,900 = Town's population in 2011
Future population =31,900 x [1 - 0.0375]^19
Future population =31,900 x 0.9625^19
Future population =15,431 in the year 2030.
