The population of a town is 1.20 lakh at the beginning of 2024 and is assumed to…
MATHEMATICS · Multi-part · AoPS · Mathematics · Exponents and Logarithms · Exponents and Logarithms
Problem
The population of a town is 1.20 lakh at the beginning of 2024 and is assumed to increase at a steady rate of 4 % per annum, compounded yearly.
(i) Obtain a formula for the population Pn (in lakh) at the beginning of the (n+1)th year after 2024.
(ii) Determine the year in which the population will first exceed 1.50 lakh.
(iii) Calculate the total increase in population during the 15 years from the beginning of 2024 to the beginning of 2039.