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The population of a place increased to 54,000 in 2003 at a rate of 5% per annum. (i) find the population in 2001 (ii) what would be its population in 2005?

Question

The population of a place increased to 54,000 in 2003 at a rate of 5% per annum. (i) find the population in 2001 (ii) what would be its population in 2005?

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Solution

(i) To find the population in 2001, we need to reverse the growth rate from 2003. The population in 2003 was 54,000 and it had grown by 5% per annum. So, to find the population in 2001, we need to reduce the 2003 population by 5% for each of the two years.

First, let's find the population in 2002: 54,000 / 1.05 = 51,428.57 (approximately)

Then, let's find the population in 2001: 51,428.57 / 1.05 = 48,980.54 (approximately)

So, the population in 2001 was approximately 48,981.

(ii) To find the population in 2005, we need to increase the 2003 population by 5% for each of the two years.

First, let's find the population in 2004: 54,000 * 1.05 = 56,700

Then, let's find the population in 2005: 56,700 * 1.05 = 59,535

So, the population in 2005 would be approximately 59,535.

This problem has been solved

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