The present population of a town is 1240. Population increase rate is 4% p.a. Find the population of town after 1 years?	Choose the correct choice from the following choices:
A) 990	B) 1215	C) 1345	D) 1142	E) 1290

Rationale: "p = 1240 r = 4 % required population of town = p * ( 1 + r / 100 ) ^ t = 1240 * ( 1 + 4 / 100 ) = 1240 * ( 26 / 25 ) = 1290 ( approximately ) answer is e"
Answer: E