The population of a country is 10 crore and it is possibility that the population will become 13.31 crore in 3 yr. What will be the annual rate per cent on this growth?
Answers
Given the information you have provided, you have a present value, a future value, and a time period. By the nature of your problem, I assume that annual compounding appropriate. So, the only thing to solve for is the growth rate. I’ll provide a long solution to the problem - if you are already good with logarithms, exponents, and algebra, this can be solved with fewer steps. Obviously, this is easily solved with a time value of money calculator.
The FV formula is the following:
PV * (1 + r)^t = FV
Using your data, we have the following:
[[[10.00 * (1 + r)] * (1 + r)] * (1 +r)] = 13.31
or
10.00 * (1 +r)^3 = 13.31
So, dividing both sides by 10.00, we have the following:
(1 + r)^3 = 1.331
Now, at this point you need to take the logarithm of both sides. This will “get rid of” the exponent. To learn about this, see
So, the above equation using log10 becomes
3 * log(1 +r) = log (1.331)
The log of 1.331 is .1242
So, if we divide both sides of the equation by 3, we have the following:
log (1 +r) = .04139
So, to get rid of the log, we use the exponent function….taking the exponent of both sides.
exp(log (1 + r) = exp(.04139)
we have
(1 + r) = 1.099999
Subtracting 1 from both sides and rounding we find that the growth rate is 10%.
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# ItzYourQueen01
Answer:
10 percent
Step-by-step explanation:
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