Question - Growth Rate Calculation of City's Population
Solution:
Given: The population increases by 10% each year for 2 years.Let the population in 2015 be $$ P $$.Thus, the population in 2016 $$ = P \times (1 + \frac{10}{100}) = 1.10P $$.And the population in 2017 $$ = 1.10P \times (1 + \frac{10}{100}) = 1.10P \times 1.10 = 1.21P $$.Let $$ k $$ be the factor by which the population has increased from 2015 to 2017.Therefore we have $$ kP = 1.21P $$.Solving for $$ k $$:$$ k = \frac{1.21P}{P} = 1.21 $$.Hence, the value of $$ k $$ is 1.21. The correct answer is $$ D $$.
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