The exponential model for decay/decline is given by the formula:
[tex]F=P(1-r)^t[/tex]
Where
P is the present value
r is the rate of decline per time period
t is the time period
F is the future value
Given,
initial population is 11 million (P = 11)
declining rate of 2.6% [in decimal, 2.6/100 = 0.026, r = 0.026]
time is 15 years [t = 15]
Substituting the given values into the formula, let's find "F", population after 15 years:
[tex]\begin{gathered} F=P(1-r)^t \\ F=11(1-0.026)^{15} \\ F=11(0.974)^{15} \\ F=7.409 \end{gathered}[/tex]
Rounded to 2 decimal place, the population after 15 years would approximately be equal to
7.41 million
