Question

The population of village increases by 2% every year. The current population is 1000. What will be the population after 2 years?

Answer 1

1040 approx

Explanation:

Given data

Rate = 2%

Population= 1000

Time = 2 years

We can apply the expression below to find the population after 2 years

A= P(1+r)^t

Substitute

A= 1000(1+0.02)^2

A=1000(1.02)^2

A=1000*1.0404

A=1040.4

Hence the population is 1040 approx