The present population of a city is 9261000. If it had been increasing at the rate of 5% per annum, find its population 3 years ago.

Explanation

To find the population of the city 3 years ago, we can use the formula for compound interest, which can also be applied to population growth. The formula is:

\[ A = P \left(1 + \frac{r}{100}\right)^n \]

Where:
- \( A \) = Present population (9261000)
- \( P \) = Population 3 years ago (what we want to find)
- \( r \) = Rate of increase (5%)
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