The population of a city was 20,000 in the year 1997. It increased at the rate of 5% p.a. Find the population at the end of the year 2000.

Explanation

To find the population of the city at the end of the year 2000, we will use the formula for compound interest, which can also be applied to population growth. The formula is:

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

Where:
- \( A \) is the amount (population after \( n \) years)
- \( P \) is the principal amount (initial population)
- \( X \) is the rate of increase (percentage)
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