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
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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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