Question

Tick the correct answer in each of the following:

The present population of a town is 24000. If it increases at the rate of $5\%$ per annum, what will be its population after 2 years?

(a) 26400 (b) 26460 (c) 24460 (c) 26640

Answer 1

$\text{Present population (P) = 24000}\text{Rate of increase (R)0 =}5\%p.a.\therefore \text{Period (n) = 2 years}\therefore \text{Population after 2 years = P}{(1+\frac{R}{100})}^n=24000{(1+\frac{5}{100})}^2=24000\times \frac{21}{20}\times \frac{21}{20}=26460\left(b\right)$