The number of employees for a certain company has been decreasing each year by 6%. If the company currently has 660 employees and this rate continues, find the number of employees in 19 years.
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Part 1
The number of employees in 19 years will be approximately
enter your response here.
(Round to the nearest whole number as needed.)
To find the number of employees in 19 years, we can use the formula for compound interest:
Final Amount = Initial Amount * (1 - Growth Rate)^Number of Years
In this case, the initial amount is 660, the growth rate is -6% (since the number of employees is decreasing), and the number of years is 19. Plugging these values into the formula:
Final Amount = 660 * (1 - 0.06)^19
Calculating this expression gives us approximately 204.71. Since we need to round to the nearest whole number, the number of employees in 19 years would be 205.