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The population of a country is 100 crore and it is the possibility that the population will become 13.31 crore in 3 yr. What will be the annual rate percent on this growth?
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- 8%
- 12.7%
- 10%
- 15%
Correct Option: C
Given, P = 10 crore
and population after 3 yr = 13.31 crore
According to the formula,
Population after n yr = P (1 + R/100 )n
⇒ 13.31 = 10 (1 + R/100 )3
⇒ 1331/1000 = (1 + R/100 )3
⇒ (11/10)3 = (1 + R/100 )3
⇒ 1 + R/100 = 11/10
⇒ R/100 = 11/10 - 1 = 1/10
∴ R = 10%
