Question : The population of a town increases at the rate of 20% per annum. If the town's population will be 69,120 after 2 years, then what is the town's present population?
Option 1: 48,000
Option 2: 42,000
Option 3: 40,000
Option 4: 36,000
Correct Answer: 48,000
Solution :
Use the formula: Amount = P[$(1+\frac{r}{100})^n$] where P is principal, $r$ is the rate of interest compounded annually for $n$ years.
The population increases at the rate of 20% per annum,
⇒ 69,120 = P
[$(1+\frac{20}{100})^2$]
⇒
69,120 = P
$(\frac{6}{5})^2$
⇒ P = $\frac{69120×25}{36}$
⇒ P = 48,000
Hence, the correct answer is 48,000.
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