Compound Interest Practice Test 6

Question : 3 of 9

Marks: +1, -0

Find the present population of a town if it is increased by 2%, 2.5% and 3% in the last 3 years. Three years ago, the population was recorded 2 lakh.

Solution:

Present population of the town

=P(1+r_1/100)(1+r_2/100)(1+r_3/100)

=2,00,000(1+2/100)(1+2.5/100)(1+3/100)

= 2,15,373

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