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Question
The population of a place increased to 54,000 in 2003 at a rate of 5% per annum. what would be its population in 2005?
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Solution
Population in 2005 = 54000 `(1 + 5/100)`
= `54000 (1 + 1/20)^2`
= `54000 xx 21/20 xx 21/20`
= 59535
Thus, the population in 2005 would be 59,535.
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