The population of a city increases at the rate of 5% annually. If the present population is 185220, what was its population 3 years ago? MCQ with Answer and Explanation

Explanation:
5000(1.06)^t = 5618 ⇒ (1.06)^t = 1.1236 = (1.06)² ⇒ t = 2.

Explanation:
2400(1+r)² = 2646 ⇒ (1+r)² = 1.1025 ⇒ r = 5%.

Explanation:
Effective rate of compound interest for 2 years at 4% = 4 + 4 + (44)/100 = 8.16%. Simple interest rate = 4 * 2 = 8%. Given 8.16% of sum = 102, then 8% of sum = (102 / 8.16) * 8 = 12.5 * 8 = Rs. 100.