Question : The population of a city is 3,52,314. It increases annually at the rate of 15% per annum. What was its population 2 years ago?
Option 1: 3,02,400
Option 2: 3,06,360
Option 3: 2,66,400
Option 4: 2,56,400
Correct Answer: 2,66,400
Solution :
Given: Rate = 15%
Time = 2 years
Current population = 352314
We know that,
Current population = $P(1+\frac{R}{100})^n$
⇒ $352314=P(1+\frac{15}{100})^2$
⇒ $352314=P\times\frac{115}{100}\times\frac{115}{100}$
⇒ $P=\frac{352314\times100\times100}{115\times115}$
⇒ $P= 266400$
Hence, the correct answer is 2,66,400.
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