The population of a town increases by 8% annually. If the present population is 45,000, what will be its population after 2 years?

Correct option is A

Given:
Present population P = 45,000
Annual increase rate r = 8%
Time t = 2 years
Formula Used:
The formula for population after t years with a percentage increase is:
Future Population = $$P \times \left(1 + \frac{r}{100}\right)^t$$​​
Where: P = present population, r = annual percentage increase, t = time in years
Solution:
​$$\text{Future Population} = 45,000 \times \left(1 + \frac{8}{100}\right)^2\\\text{Future Population} = 45,000 \times \left(1 + 0.08\right)^2\\\\text{Future Population} = 45,000 \times (1.08)^2\\\text{Future Population} = 45,000 \times 1.1664 = 52,488\\\text{The population after 2 years will be 52,488.}$$ 
Alternate Solution: