The population of New Foundland increases with a uniform rate of 8% per annum, but due to immigration, there is a further increase of population by 1% (however, this 1% increase in population is to be calculated on the population after the 8% increase and not on the previous years population). Find what will be the percentage increase in population after 2 years.

A. 18.984

B. 18.081

C. 18.24

D. 17.91

Answer: Option A

Solution(By Examveda Team)

Population at the start 100
Population after 2 years = 100 x 1.08 x 1.01 x 1.08 x 1.01 = 118.984
Thus the required percentage increase = 18.984