The population of a city is 20000. Find the population of the city after 3 years if the population increase by 5% every year.

The problem can be solved by the compound interest concept.

Answer: The population of the city after 3 years will be 23,153.

Let's understand the situation in detail.

Explanation:

The population of the city is 20,000. The time period is 3 years and the rate of increase of population is 5%.

• P = 20,000
• n = 3
• r = 5%

The population after 3 years is given by P(1+ r/100)ⁿ.

P(1+ r/100)ⁿ =  20000(1+ (5/100))³ = 20000(1 + 0.05)³ = 20000(1.05)³ = 20000(1.157625) = 23,152.5

As the population can not be in decimals, we consider the estimated population to be 23,153.

Thus, the population of the city after 3 years will be 23,153.