The population of a town increase at the rate of `5%` every year. Find the population of the town in the year 2008, if it's population in 2005 was 200,00.

Explanation

To find the population of the town in the year 2008, given that the population in 2005 was 20,000 and it increases at a rate of 5% per year, we will use the formula for compound interest. The formula is:

\[ A = P(1 + r)^t \]

Where:
- \( A \) = the amount of population after time \( t \)
- \( P \) = the principal amount (initial population)
- \( r \) = rate of increase (as a decimal)
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