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# 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.

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