The population of a town was 3600 three years back. It is 4800 right now. . Wh

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The population of a town was 3600 three years back. It is 4800 right now. . What is the rate of growth of population, if it has been constant over the years and has been compounding annually?

Options:

A .

15 %

B .

5 %

C .

12 %

D .

10 %

Answer: Option D
:
D

Option (d)

Conventional approach :

$F i n a l V a l u e = I n i t i a l V a l u e {(1 + \frac{r}{100})}^{t}$

Thus, rate $= {(\frac{F V}{I V})}^{\frac{1}{t}} - 1$

$\Rightarrow \frac{F V}{I V} = \frac{48}{36} = 1.33$

Going from answer options

If 10 is the answer

${1.1}^{3} = 11^{2} \times 11 = 12 \times 11 \approx 1.33$

Therefore r is approximately $10 % .$

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