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      Question

      The population of a town increases by 5% every year. If

      the population of the town at the beginning of 2020 was 50,000, what will the population be at the beginning of 2023?
      A 55,000 Correct Answer Incorrect Answer
      B 57,881 Correct Answer Incorrect Answer
      C 60,755 Correct Answer Incorrect Answer
      D 61,255 Correct Answer Incorrect Answer
      E 62,500 Correct Answer Incorrect Answer

      Solution

      The population increases by 5% each year, so the population at the beginning of each year is multiplied by 1.05. Population at the beginning of 2023 = 50,000 × (1.05)^3  = 50,000 × 1.157625 = 57,881.25 ≈ 57,881 Correct Option: b.

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