Question
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?
Answer: Option D
:
D
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:
D
Final Value = Initial Value (1+r100)t
Thus, Rate =[(FVIV)1t−1]×100
⇒FVIV=4836=1.33
Going from answer options -
If 10 is the answer -
1.13=1.331≈1.33=FVIV
Therefore, rate is approximately 10%.
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