If a country's population grows from 50 million to 55 million in 10 years, the average annual growth rate (approximate) is: MCQ with Answer and Explanation

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If a country's population grows from 50 million to 55 million in 10 years, the average annual growth rate (approximate) is:

A. 1.5%

B. 1.0%

C. 2.0%

D. 0.5%

Answer: Option B

Solution (By JKExamLibrary)

Using the rule of 70 or simple approximation: Growth rate ≈ [(Final/Initial)^(1/t) - 1] × 100 = [(55/50)^(0.1) - 1] × 100 ≈ (1.1^0.1 - 1)×100 ≈ (1.0096 - 1)×100 ≈ 0.96% ≈ 1.0% per annum.

This question belongs to: Accountancy and Statistics Statistics

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