Question

The population of a small town grew from 62500 to 74440 in 3 years. What is the average increase in population per year?

• A. 5%
• B. 6.37%
• C. 6%
• D. 5.84%
• E. None of the above

Answer 1

The correct option is C 6%

Let R be the average percentage increase in population per year.
Rise in population can be calculated using $=62500{(1+\left(\frac{R}{100}\right))}^3=74440$
So, we can say that $(1+\left(\frac{R}{100}\right))={\left(\frac{74440}{62500}\right)}^{\frac{1}{3}}=1.06R$
Therefore, average percentage increase, $R=(1.06-1)\times 100=6\%$