The present price of a machine is $\text{Rs. }p$. If the price of the machine increases by $2r\%$ each year, the price of the machine after $n$ years will be

1. A
   $\text{Rs. }p{\left(1+\frac{r}{100}\right)}^n$
2. B
   $\text{Rs. }p{\left(1+\frac{r}{50}\right)}^n$
3. C
   $\text{Rs. }p{\left(1+\frac{r}{100}\right)}^{2n}$
4. D
   $\text{Rs. }p{\left(1-\frac{r}{100}\right)}^n$