GATE ME 2014 Set 4 — Question 8
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General Aptitude → Quantitative Aptitude → Simple & Compound Interest
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Question
Industrial consumption of power doubled from 2000-2001 to 2010-2011. Find the annual rate of increase in percent assuming it to be uniform over the years.
Correct answer
(B) 7.2
Solution
Let the initial consumption in 2000-2001 be and the consumption in 2010-2011 be .
Given that the consumption doubled over 10 years, .
Using the compound growth formula:
Taking the 10th root on both sides:
Thus, the annual rate of increase is approximately 7.2%.
Given that the consumption doubled over 10 years, .
Using the compound growth formula:
Taking the 10th root on both sides:
Thus, the annual rate of increase is approximately 7.2%.
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