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Question
The total number of industries in a particular portion of the country is approximately 1,600. If the government has decided to increase the number of industries in the area by 20% every year; find the approximate number of industries after 2 years.
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Solution
Number of industries after 2 years
= Original number of industries `(1 + r/100)^n`
= 1,600`(1 + 20/100)^n`
= 2,304
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