A town had 1,60,000 inhabitants in 2021. Its population declines at a rate of 5% per annum. What will be its population in 2024?

Correct option is D

Given:

Initial population (2021) = 1,60,000

Decline rate = 5% per annum

Time period = 2024 - 2021 = 3 years

Formula Used:

Population after t years = $$P_0 \times (1 - \frac{r}{100})^t$$​​

Where:

​$$P_0$$​ = initial population

r = rate of decline

t = time period (in years)

Solution:

​$$P_0 = 1,$$​60,000

r = 5%

t = 3

Population in 2024 = $$1,60,000 \times (1 - \frac{5}{100})^3$$​​

Population in 2024 =$$1,60,000 \times (0.95)^3$$​​

Population in 2024 = 1,60,0$$00 \times 0.857375$$​​

Population in 2024 = 1,37,180

The population in 2024 will be approximately 1,37,180.