Question
Download Solution PDFThe population of a town increases annually by 20%. If the present population is 80lakh, then what is the difference between the population three years ago and 2years ago?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
The population of a town increases annually by 20%. If the present population is 80 lakh, then what is the difference between the population three years ago and 2 years ago?
Formula used:
Future Population = Present Population × (1 + Growth Rate)n
Past Population = Present Population / (1 + Growth Rate)n
Where,
Growth Rate = 20% = 0.2
n = number of years
Calculation:
Population 2 years ago:
⇒ Population2 = 80 lakh / (1 + 0.2)2
⇒ Population2 = 80 lakh / 1.44
⇒ Population2 = 55.5556 lakh
Population 3 years ago:
⇒ Population3 = 80 lakh / (1 + 0.2)3
⇒ Population3 = 80 lakh / 1.728
⇒ Population3 = 46.2963 lakh
Difference between population three years ago and 2 years ago:
⇒ Difference = Population2 - Population3
⇒ Difference = 55.5556 lakh - 46.2963 lakh
⇒ Difference = 9.2593 lakh
∴ The correct answer is option 1 (925925.93).
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