Compound Interest Practice Test 4

Question : 4 of 40

Marks: +1, -0

ORIGINAL QUESTIONS FROM PREVIOUS YEAR PAPERS

The present population of a village is 67,600. It has been increasing annually at the rate of 4%. What was the population of the village two years ago?

62,500
63,000
64,756
65,200

Validate

Solution:

Amount = Rs 67,600; R = 4%; Time = 2 years
Amount

=P(1+R/100)^t

67600=P(1+4/100)^2

67600=P(104/100)^2

P=67600×100/104×100/104

P = Rs 62,500

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