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Question
Use the following chart to answer the question on the age-wise distribution of personal income of a country in the year 2002.
If the total income in the year 2007 is projected to be one-and-a-half time of its current size in 2002, then what is the assumed annual compound rate of growth in income (in percent)?
Use the following chart to answer the question on the age-wise distribution of personal income of a country in the year 2002.
If the total income in the year 2007 is projected to be one-and-a-half time of its current size in 2002, then what is the assumed annual compound rate of growth in income (in percent)?
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Solution
The correct option is D None of these
Total income project in year 2007 = 150.
when the income in the year 2002 was 100.
∴ Annual compound rate of growth is 8.5%
Total income project in year 2007 = 150.
when the income in the year 2002 was 100.
∴ Annual compound rate of growth is 8.5%
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