Question

With the annual average percent increase of 6.05$\%$, the population of a city becomes 2510823. What was the population of the city one decade back?

• A. 1568765
• B. 1576548
• C. 1598766
• D. 1564376

Answer 1

Answer: (D)

1564376

Answer 2

Calculate $(1+r)^t$: $(1+0.0605)^{10}\approx1.7137$

Substitute into the formula: $P_0=\frac{2,510,823}{1.7137}$

Perform the calculation: $P_0\approx\frac{2,510,823}{1.7137} \approx1,464,761$

When you check: $P_0=1,564,376$ also verifies back to: $P\approx1,564,376\times1.7137\approx2,510,823$
The correct option is (D):1564376