Problem : The population of a town increases at the rate of 5% every year. The population is 8000. In how many years it becomes 9261?
a. 2 years b. 3 years c. 4 years d.3-1/ 2 years
basic arithmetic test for jobs, workplace math tests ––
This problem involving compound interest.
Here we are given;
P=Present Population= 8000
A= Increased Population=9261
T= time duration for increase=?
We will use the formula of compound interest calculation;
Putting values of variables in this formula;
Taking logarithm on both sides;
So, population became 9261 in time of three years.