Question

The population of master town was 23000 in 2012. Assume that master town's population increases at a rate of 2% per year Write an equation to model the population of master town based on the number of years since 2012.

Answer 1

a cheap way to do it, is just using the compound interest formula

the town's population is increasing 2% per annum, that means, compound interest... thus
`\bf \qquad \textit{Compound Interest Earned Amount} \\\\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{current amount}\to &\boxed{y}\\ P=\textit{original amount}\to &\$23000\\ r=rate\to 2\%\to (2)/(100)\to &0.02\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{per year, once} \end{array}\to &1\\ t=years\to &\boxed{x} \end{cases}`

Answer 2

A = 23,000(1 + .02)^t
A = 23,000(1.02)^t