The expression encapsulates the dynamic growth of Waterville's population over time, taking into account a 5% annual growth rate from the initial population of 18,250.
The expression 18,250 * (1.05)^t represents the predicted population of the city of Waterville at any given time t, where t is the number of years into the future. The initial population, 18,250, serves as the starting point. The term (1.05)^t accounts for the growth rate of 5% per year.
Breaking it down, the multiplication by 1.05 represents a 5% increase, and t signifies the number of years this growth is sustained.
As time progresses, the compound effect of the growth rate is applied, leading to an exponential increase in population. This type of expression is characteristic of exponential growth models, commonly used in scenarios like population predictions.