Question

The population of a town increases every year by $4$%. If its present population is $50,000,$ then after $2$ years, it will be

• A. $54900$
• B. $53900$
• C. $54000$
• D. $54080$

Answer 1

The correct option is D $54080$

Here, we can use the compound interest based formula,
Population after $n$ years $=P\times {(1+\frac{r}{100})}^n$
Population after $2$ years $=50,000\times {(1+\frac{4}{100})}^2$
$\therefore$ Population after $2$ years $=54080$