The population of a country increased by an average of 2% per year from 2000 to 2003. If the population of this country was 2 000 000 on December 31, 2003, then the population of this country on January 1, 2000, to the nearest thousand would have been

A. 1 846 000
B. 1 852 000
C. 1 000 000
D. 1 500 000

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Answers

2015-08-03T15:29:39+05:30

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Population of the country on Jan 1, 2000 =  P
r = 2%

total duration = 4 years,  :  2000, 2001, 2002, 2003

If we take the compounding of the rate of growth :
         2, 000, 000 = P (1 + 2/100)^4  = P (1.02)^4
               P =  1, 847,691

If we take the growth of the population similar to simple interest of money deposits, then :
           2, 000, 000 = P + P * 2/100 * 4
             P = 2, 000, 000 / 1.08 = 1, 851, 852

         In this case the answer is B
 

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