Question

The population of retired citizens in Memphis is 54000. If the population decreases at a rate of 5.9 % each year. What will the population of retirees be in 6 years?Write an exponential growth model for the future population P(x) where x is in years:

Answer 1

We will have the following:

First, we construct the exponential decay function, that is:

$P(x)=54000(1-0.059)^x\Rightarrow P(x)=54000(0.941)^x$

Now, we will determine the population after 6 years:

$P(6)=54000(0.941)^6\Rightarrow P(6)=37491.38638$

So, the population after 6 years will be of approximately 37491 people-