Per capita income in country A and B were US $ 1000 and US $ 800 respectively in 1960. In the next 50 years, country A grew at 2% and country B at 5%. Which country is richer in 2010. How many times?

Question

anonymous · Answer

this is increase i'm guessing or i think

anonymous · Answer

because this was in a test i did

anonymous · Answer

heres a example £500 is put in a bank where there is 6% per annum interest. Work out the amount in the bank after 1 year.

In other words, the old value is £500 and it has been increased by 6%.

Therefore, new value = 106/100 × 500 = £530 .

anonymous · Answer

do u get this?

anonymous · Answer

I see. but i find the same results for both!

anonymous · Answer

the method is right so it has to be the answer

anonymous · Answer

man no if u are getting the same answers then u are doing something wrong

anonymous · Answer

sorry for my mistake
for A u do 102 over 100 multiply by 1000=1020

anonymous · Answer

and for B u do 105 over 100 multiply by 800= 840

anonymous · Answer

so A is 1020 and B is 840.

anonymous · Answer

so u get the correct method now