If the population of a town was 240,000 in January 1998 and it increased by 2% each year, what would be the population of the town in January, 2000?
A
480,000
B
249,696
C
249,600
D
244,800
Verified Correct Answer: B.
Step-by-Step Mathematical Solution
1st year, Population = 240,000 x (\(\frac{2}{100}\)) = 4800.
Being the 2nd year population = 240,000 + 4800 = 244800.
Increase in Pop. in 2nd year = 244800 x (\(\frac{2}{100}\)) = 4896
Jan 2000, Pop. = 244800 + 4896 = 249,696
Source: Myschool Past Questions Archive (Record #554)