\((1+x)^n=1+nx+\dfrac{n(n-1)}2x^2+\cdots+x^n\qquad n\in\mathbb Z_{>0}\)
Expansion in ascending powers
\(\begin{aligned} (1+3x)^5&=1+\dbinom{5}{1}(3x)+\dbinom{5}{2}(3x)^2+\dbinom{5}{3}(3x)^3+\cdots \\ &=1+15x+90x^2+270x^3+\cdots \end{aligned}\)
Coefficient in a product
\((2-x)(1+3x)^5=(2-x)(1+15x+90x^2+\cdots)\)
Coefficient of \(x^2\): \(2(90)+(-1)(15)=165\)
Approximation
Substitute the given value into the expansion. Use enough terms for the required accuracy and round at the end.
With \(x=0.01\): \((1.03)^5\approx 1+15(0.01)+90(0.01)^2+270(0.01)^3=1.15927\), so \((1.03)^5\approx 1.159\).
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