The population of a city is 160,000.If it increases at the rate of 6% per annum, then what will be its population 2 years hence?Options1797762580000NONE1000000
Question
Solution 1
To solve this problem, we need to apply the formula for compound interest, which is also used to calculate population growth. The formula is:
P' = P * (1 + r/100)^n
where: P' is the future population, P is the present population, r is the rate of increase per annum, and n is the number of years.
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