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If a population of a town increases by 5% every year, what will be the populatio

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Question: If a population of a town increases by 5% every year, what will be the population after 2 years if the current population is 1,000?

Options:

  1. 1,050
  2. 1,102.5
  3. 1,100
  4. 1,120

Correct Answer: 1,102.5

Solution: 

Population after 1 year = 1,000 * 1.05 = 1,050. After 2 years = 1,050 * 1.05 = 1,102.5.

If a population of a town increases by 5% every year, what will be the populatio

Practice Questions

Q1
If a population of a town increases by 5% every year, what will be the population after 2 years if the current population is 1,000?
  1. 1,050
  2. 1,102.5
  3. 1,100
  4. 1,120

Questions & Step-by-Step Solutions

If a population of a town increases by 5% every year, what will be the population after 2 years if the current population is 1,000?
  • Step 1: Start with the current population, which is 1,000.
  • Step 2: Calculate the population after 1 year by multiplying the current population by 1.05 (which represents a 5% increase). So, 1,000 * 1.05 = 1,050.
  • Step 3: Now, take the population after 1 year, which is 1,050, and calculate the population after the 2nd year by again multiplying by 1.05. So, 1,050 * 1.05 = 1,102.5.
  • Step 4: The final population after 2 years is 1,102.5.
  • Exponential Growth – The question tests understanding of exponential growth, where a quantity increases by a fixed percentage over time.
  • Compound Interest Formula – The calculation involves applying the compound interest formula, which is relevant in population growth scenarios.
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