The population of a city increases 5% annually in compounded manner (yearly compounding). The present population of this city is 93051. The population of this city 2 years ago was:
Answer & explanation
Correct answer: option 1
5% = \(\frac{1 }{20}\)
Principal : Amount
For 1st year 20 : 21
For 2nd year 20 : 21
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Overall 400 : 441
ATQ,
441R = 93051
1R = 211
Initial Sum = 400R = 400 × 211 = Rs. 84400