Question

The population of a town increases by 3 1/2 % of it's value at the beginning of each year.if the present population of the town is 8869743,find the population of the town three years ago

Answer 1

Answer:

Use this formula: p(1+r/100)n

Step-by-step explanation:

Answer 2

The population of the town three years ago is approx 9834043.

Step-by-step explanation:

Given : The population of a town increases by $3\frac{1}{2}\%$  of it's value at the beginning of each year. If the present population of the town is 8869743.

To find : The population of the town three years ago ?

Solution :

The population is given by,

$N=N_o(1+r)^t$

The initial population is $N_o=8869743$

The rate is $r=3\frac{1}{2}\%=\frac{7}{2}\%=0.035$

The time is t=3 years

Substitute the value in the formula,

$N=8869743(1+0.035)^3$

$N=8869743(1.035)^3$

$N=8869743\times 1.108717875$

$N=9834042.61076$

The population of the town three years ago is approx 9834043.