WBBSEClass XMathematicsCompound Interest02 Mark2022 Moderate

QQuestion

The present population is 13,310. If the population be 17,280 after 3 years, what will be the rate of increase?

Exam-ready answer 02 Mark

Answer

Future population (V) = 17,280

Initial population (Vo) = 13,310

rate (r) = r %

Time (n) = 3 years

A = P × (1 + r/100)n

or, 17,280 = 13,310 × (1 + r/100)³

or, 17280\over 13310 = (1 + r/100)³

or, 1728\over 1331 = (1 + r/100)³

or, (12\over 11)³ = (1 + r/100)³

or,  1 + r/100 = 12\over 11

or, r/100 = 12\over 11 – 1

or, r = 1\over 11 × 100 = 9 1\over 11 %

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