The annual growth rate of a city is 2%. If its population in the year 2020 was 1,50,000, then what will its population be in 2023?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 1,59,181
Present population (P) = 150000
Rate of increasing (R) = 2%
Period (T) = 3 years
Population after 3 years = P(1 + R/100)T = 150000(1 + 2/100)3 = 150000(51/50)3 = 159181