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If a population of 2 million grows by 8 percent annually for three consecutive years, what will it be approximately at the end of the third year?

Answer and explanation

Correct answer: 2.519 million

When a population grows by the same percentage every year, each increase is based on the previous year's population. This is compound growth. For an annual rate of 8 percent, the yearly multiplier is \(1+0.08=1.08\). Over three years, the initial population must therefore be multiplied by \(1.08^3\).

The calculation is \(2000000\times1.08^3\). Since \(1.08^3=1.259712\), the final population is \(2519424\), approximately 2.519 million. In lakh units, this is about 25.19 lakh. Therefore, option C is correct. Adding 24 percent once gives 2.48 million, but that ignores the fact that later increases apply to an already larger population.

Related tags

Compound Population GrowthThree Year GrowthAnnual RatePopulation ProjectionPopulation GrowthThe World Population – DistributionDensity And GrowthThe World Population Distribution Density And Growth

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