From a village, people started migrating to nearby cities due to unemployment . The population of the village two years ago was 6,000. If the rate of migration is 5%, find the current population of the village.
Principal(P)=population 2 years ago =6000
Rate of migration (R)=5%
Time(T)=2yrs
A=current population
Since people are migrating, hence current population is lesser than that two years back.
Hence there is a depreciation
∴A=P(1−R100)T
=6000(1−5100)2
=6000(1920)2
=6000(1920)(1920)
=5415
∴Current population is 5415