Question

Due to its weakening steel industry, Clay County has been experiencing population decline of 3% every year. The current population is 10,300 people. Assuming the trend continues, what will the population be in 10 years?

Answer 1

Using an exponential function, it is found that the population of Clay County will be of $13,482.

What is an exponential function?

An increasing exponential function is modeled by:

$A(t) = A(0)(1 + r)^t$

In which:

• A(0) is the initial value.

• r is the growth rate, as a decimal.

In this problem, the current population is 10,300 people, with a growth rate of 3%, hence A(0) = 10,300 and r = 0.03.

The equation is given by:

$A(t) = A(0)(1 + r)^t$

$A(t) = 10300(1 + 0.03)^t$

$A(t) = 10300(1.03)^t$

Hence, in 10 years, the population will be given by:

$A(10) = 10300(1.03)^{10} = 13842$

More can be learned about exponential functions at brainly.com/question/25537936

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