The present population of a town is 28000. If it increases at the rate of 5% per annum, what will be its population after 2 years?

Explanation

To find the population of a town after 2 years given its current population and a rate of increase, we can use the formula for compound interest, which is also applicable for population growth. The formula is:

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

Where:
- \( A \) = the amount (future population)
- \( P \) = the principal amount (current population)
- \( r \) = rate of increase (as a percentage)
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