If the population of a country increases by 5% every year, what will be the population after 2 years if the current population is 100,000?

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Q: If the population of a country increases by 5% every year, what will be the population after 2 years if the current population is 100,000?

Solution: Population after 2 years = 100,000 * (1 + 0.05)^2 = 100,000 * 1.1025 = 110,250.

Steps: 8

Step 1: Identify the current population, which is 100,000.
Step 2: Determine the annual growth rate, which is 5%. Convert this percentage to a decimal by dividing by 100, resulting in 0.05.
Step 3: Calculate the growth factor for one year by adding 1 to the growth rate: 1 + 0.05 = 1.05.
Step 4: Since we want to find the population after 2 years, we need to raise the growth factor to the power of 2: (1.05)^2.
Step 5: Calculate (1.05)^2, which equals 1.1025.
Step 6: Multiply the current population by the result from Step 5: 100,000 * 1.1025.
Step 7: Perform the multiplication: 100,000 * 1.1025 = 110,250.
Step 8: The population after 2 years will be 110,250.