10 The population of a place increased to 54,000 in 2003 at a rate of 5% per annum.
(ii) what would be its population in 2005?
Let the population in 2001 be P'
Compound rate of increase = 5% p.a.
The population in 2005 will be more than in 2003
Time period, n = 2 years (2003 to 2005)
Therefore, the population in 2005 will be 59535 (approx)