Question

Three years ago, the population of a town was $50,000$. If the annual increase during three years was at the rate $4$% per annum respectively, find the present population.

Answer 1

Here $P=50000$

$r=4\%$

$x=3$

$\therefore A_1=P{\left(\frac{1+r}{100}\right)}^n$

$\therefore A_1=50000(1+4{)}^3$

$\therefore A_1=\left(50000\right)\left(\frac{104}{100}\right)\left(\frac{104}{100}\right)\left(\frac{104}{100}\right)$

$\therefore A_1=\frac{5\times 104\times 104\times 104}{100}$

$\therefore A_1=\frac{21\times 104\times 104}{5}$

$\therefore A_1=56243$

$\therefore$ present population $=56243$