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Question
In a factory the production of scooters rose to 46305 from 40000 in 3 years. Find the annual rate of growth of the production of scooters.
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Solution
Let the annual rate of growth be R.
∴ Production of scooters after three years = P \[ \left( 1 + \frac{R}{100} \right)^n \]
\[46, 305 = 4, 000 \left( 1 + \frac{R}{100} \right)^3 \]
\[ \left( 1 + 0 . 01R \right)^3 = \frac{46, 305}{40, 000}\]
\[ \left( 1 + 0 . 01R \right)^3 = 1 . 157625\]
\[ \left( 1 + 0 . 01R \right)^3 = \left( 1 . 05 \right)^3 \]
\[1 + 0 . 01R = 1 . 05\]
\[0 . 01R = 0 . 05\]
R = 5
Thus, the annual rate of growth is 5 %.
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