Question

The population of a town is decreasing at a rate of 1.1% each year. If there are 3,000 people in the town right now, how many people will be living in the town in 15 years? Round your answer to the nearest whole number.

Answer 1

A=P(1+r)ⁿ, where P is the actual amount, r = rate and n the number of years.
However you should notice that r is negative (-1,1%), then the formula:
A=3000(1-0.011)¹⁵
A =3000(0.989)¹⁵ = 2,541