To calculate the population of the town after one year, given that the population increases by 55% each year, we can follow these steps:
1. Identify the Present Population: The current population of the town is 120,000 people.
2. Determine the Percentage Increase: The population increases by 55% each year.
3. Convert the Percentage to a Decimal: To facilitate the calculation, we convert 55% to its decimal form. This is done by dividing the percentage by 100.
[tex]\[
55\% = \frac{55}{100} = 0.55
\][/tex]
4. Calculate the Increase in Population: Next, we calculate the actual number of people that the population will increase by in one year.
[tex]\[
\text{Increase in Population} = \text{Current Population} \times 0.55
\][/tex]
[tex]\[
\text{Increase in Population} = 120,000 \times 0.55 = 66,000
\][/tex]
5. Add the Increase to the Present Population:
[tex]\[
\text{Future Population} = \text{Current Population} + \text{Increase in Population}
\][/tex]
[tex]\[
\text{Future Population} = 120,000 + 66,000 = 186,000
\][/tex]
Therefore, the population of the town after one year will be 186,000 people.
