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Compound Interest Practice Test 5
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© examsnet.com
Question : 2
Total: 40
The population of a town after 2 years at 5%p.a. compound rates will be 67,500. Find the present population of the town.
61,225
62,512
62,251
65,221
61,225
Validate
Solution:
67
,
500
=
P
(
1
+
5
100
)
2
67
,
500
=
P
(
21
20
)
2
P
≈
61
,
225
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