If the population of a city increases by 5 % annually,what will be the population of the city in 2 years time if its current population is 78000?Options8599575200NONE90000
Question
If the population of a city increases by 5 % annually,what will be the population of the city in 2 years time if its current population is 78000?Options8599575200NONE90000
Solution
To solve this problem, we need to apply the formula for compound interest, which is also used for population growth. The formula is:
P = P0 * (1 + r)^n
where:
- P is the future population
- P0 is the initial population
- r is the growth rate (in decimal form)
- n is the number of years
Given:
- P0 = 78000 (the current population)
- r = 5/100 = 0.05 (the annual growth rate)
- n = 2 (the number of years)
We can now substitute these values into the formula:
P = 78000 * (1 + 0.05)^2 P = 78000 * (1.05)^2 P = 78000 * 1.1025 P = 85995
So, the population of the city in 2 years will be approximately 85995. Therefore, the correct option is "85995".
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