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Question
In a factory the production of scooters rose to 46,305 from 40,000 in 3 years. Find the annual rate of growth of the production of scooters.
Solution
Vn =46,305; V0 = 40,000 ; r = ? ; t = 3 years
`"V"_"n" = "V"_0 xx (1 + "r"/100)^"n"`
46305 = 40000`(1 + "r"/100)^3`
`46305/40000 = (1 + "r"/100)^3`
`21^3/20^3 = (1 + "r"/100)^3`
`(1 + "r"/100) = 21/20`
`"r"/100 = 21/20 - 1`
`"r"/100 = 1/20`
r = `1/20 xx 100`
r = 5 %
The annual rate of growth of scooters is 5 %
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