A farmer increases his output of wheat in his farm every year by 8%. This year he produced 2187 quintals of wheat. What was the yearly produce of wheat two years ago?
Solution:
It is given that
Present production of wheat = 2187 quintals
Increase in production = 8% p.a.
We know that
Production of wheat 2 years ago = A ÷ (1 + r/100)n
Substituting the values
= 2187 ÷ (1 + 8/100)2
By further calculation
= 2187 ÷ (27/25)2
So we get
= 2187 × 25/27 × 25/27
= 1875 quintals
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