The populationof aplace increased to 54000in 2003 at a rate of 5 percentage per annum.Find the population in 2001.
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S = Population at the end of the year 2003 = 54000
i = Annual growth rate = 5%
n = Duration = 2 years (2001-2 ; 2002-3)
R= population at the beginning
S = R(1+i)^n
54000 = R( 1 + 5/100)^2
54000 = R( 1 + 0.05)^2
54000 = R(1.05)^2
54000 = R(1.1025)
54000/1.1025 = 48980
48980 = R = Population at the beginning of 2001
i = Annual growth rate = 5%
n = Duration = 2 years (2001-2 ; 2002-3)
R= population at the beginning
S = R(1+i)^n
54000 = R( 1 + 5/100)^2
54000 = R( 1 + 0.05)^2
54000 = R(1.05)^2
54000 = R(1.1025)
54000/1.1025 = 48980
48980 = R = Population at the beginning of 2001
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