The population of the town increase at the rate of 4 percent every year. If the present population of the town is 500000 ,compute the population of the town after 3 years.
500,000 * 1.04^3
To compute the population of the town after 3 years with a 4 percent annual growth rate, you can use the formula:
Population after n years = Present population × (1 + Growth rate/100)^n
In this case, the present population is 500,000 and the growth rate is 4 percent. Let's plug these values into the formula to find the population after 3 years:
Population after 3 years = 500,000 × (1 + 4/100)^3
First, calculate the growth rate in decimal form:
4/100 = 0.04
Next, calculate the population after 3 years:
Population after 3 years = 500,000 × (1 + 0.04)^3
Now, let's simplify this equation:
Population after 3 years = 500,000 × (1.04)^3
Using a calculator, raise 1.04 to the power of 3:
Population after 3 years ≈ 500,000 × 1.125
Finally, multiply the present population by 1.125:
Population after 3 years ≈ 562,500
Therefore, the population of the town after 3 years will be approximately 562,500.