The population of a place increased to 54,000 in 2003 at a rate of 5%

Given: The population of a place increased to 54,000 in 2003.

i) To find population in 2001

Here,
New population (A) = 54,000
Time from 2001 to 2003 is (n) = 2 years
Rate (R) = 5%

Let the population in 2001 be P.
Then, the population in 2003 will be given by the formula:
A = P (1 + R/100)^n
54000 = P (1 + 5/100)^2
54000 = P (1 + 0.05)^2
54000 = P (1.05)^2
54000 = P (1.1025)
P = 54000 / 1.1025
P = 48988.8

Therefore, the population in 2001 was approximately 48989.