SOLUTION: the population of a city is decreasing at the steady rate of 8% per year. the population is curently 22,000. how long will it take the population to drop to 14,500? please help

Algebra ->  Quadratic-relations-and-conic-sections -> SOLUTION: the population of a city is decreasing at the steady rate of 8% per year. the population is curently 22,000. how long will it take the population to drop to 14,500? please help       Log On


   

Question 48406: the population of a city is decreasing at the steady rate of 8% per year. the population is curently 22,000. how long will it take the population to drop to 14,500?
please help me figure this one out
thanks for your time :)
Answer by Nate(3500) About Me  (Show Source):
You can put this solution on YOUR website!
P(a) = a(1 - r)^t
14500 = 22000(1 - 0.08)^t
29/44 = 0.92^t
log(29/44) = t*log(0.92)
log(29/44)/log(0.92) = t
About 5 years