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The population of a town at present is 80,000. If the annual rate of increase is 4%, find the population after 4 years. (Use the formula: $A = p{\left( {1 + \dfrac{r}{{100}}} \right)^n}$, where p is the original population).

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Hint: To find the new population, we are going to use the formula given to us by putting the values in the formula. In this question, p is 80,000, r is 4% and n is 4 years.

Complete step-by-step answer:
The population of the town at present is given to be equal to 80,000.
The rate at which the population increases is given to be 4%.
We are supposed to find the population of the town after 4 years,
We have all the data required to find the new population, let us put the values in the formula,
$A = p{\left( {1 + \dfrac{r}{{100}}} \right)^n}$
$A = 80000{\left( {1 + \dfrac{4}{{100}}} \right)^4}$
$A = 93588.685$
$A = 93589$

Note: Make sure to not mistake the values of old and new population while assigning it to the formula. In the formula, A is the new population, p is the old population, the value of r is 4% and n is 4 years.
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