A sum of money, invested at compound interest, amounts to Rs. 16,500 in 1 year and to Rs. 19,965 in 3 years.
Find the rate per cent and the original sum of money invested.
Amount(1) = 16500
Amount(1) = P(1+r100)n
n= no. of years
On dividing them we have
[P gets cancelled]
Therefore, original sum = 15000
According to a census taken towards the end of the year 2009, the population of a rural town was found to be 64,000. The census authority also found that the population of this particular town had a growth of 5% per annum. In how many years after 2004 did the population of this town reach 74,088 ?