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?
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Step-by-step explanation:
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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