Question

The population of a village increases at the rate of 7$\%$ every year. If the present population is 90,000, what will be the population after 2 years?

Answer 1

Given that, the population of a village increases at a rate of $7\%$ every year. The present population of the village is $90,000$.

To find out: Population of the village after $2$ years.

We know that, population after '$n$' years $=P{(1+\frac{r}{100})}^n$

Here, $P=90,000$, rate of increase $\left(r\right)=7\%$ and number of years $n=2$.
$\therefore$ The population after two years $=90000{(1+\frac{7}{100})}^2$

$=90000{\left(\frac{107}{100}\right)}^2$

$=90000\times \frac{107}{100}\times \frac{107}{100}$

$=103041$

Hence, the population of the village after two years will be $1,03,041$.