The population of a town increases by 10% annually. If the current population is 24,200, what was the population 2 years ago?
Show answer & explanation
Correct answer: A
Explanation
Given:
Current population = 24,200
Annual growth = 10%
Time = 2 years
Formula:
Current population = Initial population × (1 + r)²
24,200 = P × (1.1)²
24,200 = P × 1.21
P = 24,200 / 1.21 = 20,000