A town has a population growth rate of 10% per year. The population is 1990 was 2000. What is the population in 1992?
A
2740
B
2200
C
2400
D
2420
Correct Answer: 2420
Population is calculated using compound interest formula. C = P ( 1 + r) n = 2, 000 ( 1 + 0.1)2 = 2420