The population of a place increased to 54,000 in 2003 at a rate of 5% per annum(i)      find the population in 2001.(ii)      what would be its population in 2005?

Explanation

To solve the problem step by step, we will use the formula for compound interest, which is:

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

where:
- \( A \) = the amount of population after \( n \) years
- \( P \) = the principal amount (population at the start)
- \( R \) = the rate of increase (in percentage)
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