The population of a town was 3600 three years back. It is 4800 right now. What is the rate of growth of population, if it has been constant over the years and has been compounding annually?
Final Value = Initial Value (1+r100)t Thus, Rate =[(FVIV)1t−1]×100 ⇒FVIV=4836=1.33 Going from answer options - If 10 is the answer - 1.13=1.331≈1.33=FVIV Therefore, rate is approximately 10%.
Population of a town increases at a certain rate percent per annum. Present population of the town is 3600 and in 5 years it becomes 4800. How much will it be in 10 years?