Compound Interest Practice Test 5

Question : 2 of 40

Marks: +1, -0

The population of a town after 2 years at 5%p.a. compound rates will be 67,500. Find the present population of the town.

Solution:

67,500 =P(1+5/100)^2

67,500=P(21/20)^2

P≈ 61,225

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