Question

The population of a town is 80,000. If the rate of growth of population of the town is 4% per year, estimate the population of the town at the end of two years.

Answer 1

Answer:

the population of a town is 80000

rate 4%

year(t)=2 year

80000*104/100*104/100=86528

the population of the town end of two year is 86528

Answer 2

Concept:

Compound Interest:

It is the method in which the amount on which the interest is applied always keep on changing with each year.

Given:

We are given that:

Population = Principal Amount

= P = 80,000

Rate of growth = r = 4 %

Time = n = 2 years

Find:

the population of the town at the end of two years.

Solution:

The formula for calculating the amount after compound interest is:

Amount = P( 1 + R / 100)ⁿ

Substituting the values, we get that:

Population = 80,000( 1 + 4 / 100)²

Solving further, we get that:

Population = 80,000( 1.04 )²

Population = 80,000( 1.0816)

Population = 86,528

Therefore, the population of the town at the end of two years will be 86,528.

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