A company increased its production of two wheelers from 50,000 in 2013 to 65,000 in 2014. Find the annual rate of growth of production of two wheelers.
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Answer:
It is given that
Production of cars in 2011-2012 = 80000
Production of cars in 2014-2015= 92610
Period (n) = 3 years
Consider r% as the rate of increase
We know that
A/P = (1+r/100)
n
Substituting the values
92610/80000=(1+r/100)
3
By further calculation
(21/20)
3
=(1+r/100)
3
We can write it as
1+r/100=21/20
r/100=21/20−1=1/20
By cross multiplication
r=1/20×100=5
Hence, the annual rate of growth of production of cars is 5% p.a.
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