The population of a small town is 40,740. It's population falls by 8% per year. How many years later will the population be 14,550? (Assume that the growth rate is annualized and use the formula for compound growth: A = P ( 1 + r n ) n t . If the compounding frequency is not given, use n = 1 .)

0.9101523758 ≈ 1 year

Step-by-step explanation:

The population of a small town is 40,740.

Its population falls by 8% per year.

Given: Compound interest Amount (A) = P( 1 +

14,550 = 40,740(1 +

14,550 = (40,740 - 3259.2

14,550 = (37,480.8

t * log 37,480.8 = log 14,550

t = = 0.9101523758 ≈ 1 year

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