The population of a town increases by 5% annually. If the current population is 20,000, what will it be in 3 years?

["Projected Population Growth: How a 5% Annual Increase Will Shape a Town Over 3 Years", "Understanding population growth is essential for urban planning, economic development, and community resource allocation. One compelling example is a town experiencing a steady annual population increase of 5%. For residents and policymakers alike, knowing how this growth compounds over time can inform better decision-making and long-term strategy.", "If a town’s current population stands at 20,000 and grows by 5% each year, the population after three years can be calculated using the formula for compound annual growth:", "[\nP = P_0 \ imes (1 + r)^t\n]", "Where:\n- ( P_0 = 20,000 ) (initial population)\n- ( r = 0.05 ) (5% annual growth rate)\n- ( t = 3 ) years", "Plugging in the values:", "[\nP = 20,000 \ imes (1.05)^3\n]", "First, calculate ( (1.05)^3 ):", "[\n1.05^3 = 1.157625\n]", "Then multiply:", "[\nP = 20,000 \ imes 1.157625 = 23,152.5\n]", "Since population must be a whole number, we round to the nearest whole person: 23,153.", "In just three years, the town’s population is projected to grow from 20,000 to approximately 23,153 — a 3,153-person increase driven by consistent annual growth of 5%. This steady expansion highlights the importance of planning infrastructure, education, healthcare, and services to accommodate rising demand over time.", "Tracking population trends empowers communities to prepare effectively. Whether you’re a local government official, urban planner, or an interested citizen, understanding growth patterns ensures sustainable development and quality of life for everyone.", "Key Takeaway: With a 5% annual increase, a town of 20,000 people will grow to about 23,153 in three years — a clear example of how compound growth shapes communities."]