urban planners

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gmatnmein2010: Master | Next Rank: 500 Posts; Posts: 185; Joined: Thu Feb 04, 2010 3:06 am; Thanked: 6 times

by gmatnmein2010 » Sat Feb 20, 2010 3:47 am

Boomtown urban planners expect the city's population to increase by 10% per year over the next two years. If that projection were to come true, the population two years from now would be exactly double the population of one year ago. Which of the following is closest to the percent population increase in Boomtown over the last year?

1)20%

2)40%

3)50%

4)65%

5)75%

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Source: Beat The GMAT — Problem Solving | Sat Feb 20, 2010 3:47 am

ajith: Legendary Member; Posts: 1275; Joined: Thu Sep 21, 2006 11:13 pmFollowed by: 2 members; Location: Arabian Sea; Thanked: 125 times

by ajith » Sat Feb 20, 2010 3:57 am

gmatnmein2010 wrote:Boomtown urban planners expect the city's population to increase by 10% per year over the next two years. If that projection were to come true, the population two years from now would be exactly double the population of one year ago. Which of the following is closest to the percent population increase in Boomtown over the last year?

1)20%

2)40%

3)50%

4)65%

5)75%

Let the current population be y and last years population be x

1.21y = 2x

x = 0.605 y

Population increase = (y-0.605 y)/0.605 y*100 = 0.395*100/.605 approx 65%

Always borrow money from a pessimist, he doesn't expect to be paid back.

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shashank.ism: Legendary Member; Posts: 1022; Joined: Mon Jul 20, 2009 11:49 pmFollowed by: 2 members; Location: Gandhinagar; Thanked: 41 times

by shashank.ism » Sat Feb 20, 2010 9:06 am

gmatnmein2010 wrote:Boomtown urban planners expect the city's population to increase by 10% per year over the next two years. If that projection were to come true, the population two years from now would be exactly double the population of one year ago. Which of the following is closest to the percent population increase in Boomtown over the last year?
1)20%
2)40%
3)50%
4)65%
5)75%

let this year population be x
next year 1.1x [increase by 10% per year]
next 2 years 1.21x [increase by 10% per year]
last year = 1.21x/2 =0.605x

percent population increase in Boomtown over the last year = (x-0.605x)/0.605x =[spoiler] 65.28 % approx 65%Ans4[/spoiler]

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