Question : Starting with 8,000 workers, the company increases the number of workers by 5%, 10% and 20% at the end of the first, second and third years respectively. The number of workers in the fourth year was:
Option 1: 10188
Option 2: 11088
Option 3: 11008
Option 4: 11808
Correct Answer: 11088
Solution :
The number of workers in the fourth year is $P(1+\frac{R_1}{100})(1+\frac{R_2}{100})(1+\frac{R_3}{100})$,
where $P$ is the initial number of workers, $R_1$ is the growth rate in the first year, $R_2$ is the growth rate in the second year and $R_3$ is the growth rate in the third year.
We have, $P=8000, R_1=5, R_2=10$ and $R_3=20$
The number of workers in 4th year = $8000(1+\frac{5}{100})(1+\frac{10}{100})(1+\frac{20}{100})$
= $8000(\frac{105}{100})(\frac{110}{100})(\frac{120}{100})$
= 11088
Hence, the correct answer is 11088.
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