Question

the population of a place increased to 54,000 in 2003 at the rate of 5% per annum
(1) find the population in 2001
(2) what would be its population in 2005

Answer 1

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Answer 2

i. Population in 2001     

                            = 54000 / [1 + 5/100]^2 ; as it is 2 years ago

=> 54000 / 1.1025

Thus, Population in 2001 = 48,980

ii. Population in 2005 

                       = 54000 [1 + 5/100]^2 ; as it is 2 years after

=> 54000 * 1.1025

Thus, Population in 2005 = 59,535