Question

The population of a town increases by $5\%$ every year. If its present population is $50000$, find its population after $2$ years.

Answer 1

Population after $n$ years $=$ Present Population ${(1+\frac{r}{100})}^n$

Population after $2$ years $=50000{(1+\frac{5}{100})}^2$

$=50000{\left(\frac{105}{100}\right)}^2$

$=50000\times \frac{105}{100}\times \frac{105}{100}$

$=5\times 105\times 105=55125$

Therefore, the population after $2$ years will be $55,125$.