Question

The population of camden, New Jersey has been decreasing by 0.12% a year on average. If this trend continues, and the population was 79,318 in 2006, estimate Camden's population in 2015.

Answer 1

By the trend that is being given above, the population of New Jersey will only be 99.88% of the population from the previous year. It may be calculated through the following equation,
                               P(n) = P(0) x (1 - r)^n
Substituting the values from the given above,
                                  P(n) = 79,318 x (0.9988)^(2015 - 2006)
                                          = 78465.47
Thus, the population will approximately be 78,466.