If a town of 25,000 people is growing at a rate of

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AAPL: Moderator; Posts: 2636; Joined: Sun Oct 29, 2017 2:08 pmFollowed by: 2 members

by AAPL » Mon Oct 07, 2019 1:17 am

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If a town of 25,000 people is growing at a rate of approximately 1% per year, the population of the town in 5 years will be closest to?

A. 26000
B. 27000
C. 28000
D. 29000
E. 30000

OA A

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Source: Beat The GMAT — Problem Solving | Mon Oct 07, 2019 1:17 am

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Scott@TargetTestPrep: GMAT Instructor; Posts: 8139; Joined: Sat Apr 25, 2015 10:56 amFollowed by: 29 members; Location: Los Angeles, CA; Thanked: 43 times

by Scott@TargetTestPrep » Wed Oct 09, 2019 6:46 pm

AAPL wrote:GMAT Prep

If a town of 25,000 people is growing at a rate of approximately 1% per year, the population of the town in 5 years will be closest to?

A. 26000
B. 27000
C. 28000
D. 29000
E. 30000

OA A

After 1 year, the growth will be:

25,000 + 250 = 25,250

After 2 years the growth will be:

25,250 + 252 = 25,502

After 3 years the growth will be:

25,502 + 255 = 25,757

So essentially, we see that the growth is a little more than 250 people a year.

25,000 + 250 x 5 = 26,250, so about 26,000.

Alternate solution:

The population of the town in 5 years is:

25,000 x (1 + 0.01)^5 = 25,000 x 1.01^5 = 26,275, which is closest to 26,000.

Answer: A

Scott Woodbury-Stewart
Founder and CEO
[email protected]

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