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Question : The population of a town increases each year by 4% of its total at the beginning of the year. If the population on 1st January 2001 was 500000, what was it on 1st January 2004?

Option 1: 562432

Option 2: 652432

Option 3: 465223

Option 4: 564232


Team Careers360 17th Jan, 2024
Answer (1)
Team Careers360 19th Jan, 2024

Correct Answer: 562432


Solution : The population after $n$ years can be calculated by using the formula $P(1+\frac{\text{R}}{100})^n$ where $P$ is the initial value, $R$ is the rate and $n$ is the time.
The population on 1 st January 2001 was 500000.
Population after 3 years
$= 500000(1+\frac{4}{100})^3$
$= 500000(1+\frac{1}{25})^3$
$= 500000(\frac{26}{25})^3$
$= 500000 \times \frac{26}{25}\times \frac{26}{25}\times \frac{26}{25}$
$= 562432$
Hence, the correct answer is 562432.

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