Multiple choice

If the population of a city is increasing by 3 percent every year, and the current population is 300,000 what was the population five years ago?

  1. 258, 783

  2. 250, 000

  3. 265, 956

  4. 311, 569
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A Correct answer
Explanation

The population P five years ago is given by 300,000 = P * (1.03)^5. Calculating (1.03)^5 gives approximately 1.159274. P = 300,000 / 1.159274 = 258,783.

AI explanation

Using the present value formula for depreciation, the past population equals the current population divided by (1 plus Rate divided by 100) raised to the number of years. We calculate 300,000 divided by 1.03 to the power of 5. This gives 300,000 divided by 1.159274, resulting in 258783.48. The population five years ago was 258,783.

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