The total number of industries in a particular portion of the country is approximately 1600. If the government has decided to increase the number of industries in the area by 20% every year. Find the approximate number of industries after 2 years

Let P be the present number of industries in a particular portion of the country

Hence, from the question P = 1600

Given that the government has decided to increase the number of industries in the area by 20% every year

Let the number of industries after 2 years be Pn

Therefore,

The number of industries after 2 years (Pn) = P (1 + r/100)n

Pn = 1600 (1 + 20/100)2

Pn = 1600 x 120/100 x 120/100

Pn = 2304

Therefore, the number of industries after 2 years will be 2304

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