Due to the closure of the pulp and paper mill, the population of the small town is decreasing at a rate of 12% annually. If there are now 2400 people living in the town,
what will the town's projected population be in eight years?

The population will be 863 in the next eight years

Step-by-step explanation:

Here, we want to know the population of the town in 8 years, given the percentage decrease and the present population

The exponential equation to use is that;

P = I( 1 - r)^n

where P is the future population we want to calculate

I is the present which is 2,400

r is the percentage of decay given as 12% = 12/100 = 0.12

n is the number of years which is 8

Substituting these values, we have that

P = 2,400(1 - 0.12)^8

P = 2,400(0.88)^8

P = 863

$32,660

step-by-step explanation:

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step-by-step explanation: