the unemployment rate is decreasing by 8% per year if there are 125000 unemployed now how many will there be in 15 years?

Question

Help I need this, i cant figure it out

Answer 1

If a quantity P is decreasing by 8% per year then after 1 year there will be 

(1-0.08)*P = 0.92*P

 

After 2 years there will be 0.92*(0.92*P) = 0.92²*P  

 

After T years there will be 0.92^T*P  

 

Plug in 15 for T and 125000 for P to get 

 

0.92¹⁵*125000 ≅ 35787.2 ≅ 35787