Answer :

Population of a town, P = 24000


Time, n = 2 years


Increasing rate, R = 5% per annum


Amount (A) = P (1 + R/100)n [Where, A = Amount with compound interest


P = Present value


R = Annual interest rate


n = Time in years]


Population = P (1 + R/100)n


= 24000 (1 + 5/100)2


= 24000 (1 + 1/20)2


= 24000 (21/20)2


= 24000 × 21/20 × 21/20


= 240 × 21/2 × 21/2


= 60 × 21 × 21


= 26460


Population of a town is 26460 after 2 years.

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