The population of my country increases at 5% per annum. What type of increase is this?
Simple
Compound
Cannot be determined
None of these
If a population increases annually, the principal keeps changing annually. Hence the increase is annually compounded.
The present population of a town is 28000. If it increases at the rate of 5% per annum, what will be its population after 2 years?
What will be the population of a country after 5 years at an annual increase of 10%?