To find the population of the town in 2018, we need to use the formula for exponential growth:
A = P(1 + r)^t
where:
A = final amount
P = initial amount
r = annual growth rate
t = number of years
We know that the initial population in 2000 was P = 120,000, and the town grew at a rate of r = 3% annually. We want to find the population in 2018, which is 18 years after 2000. So we set t = 18.
Substituting the values into the formula, we get:
A = 120,000(1 + 0.03)^18
A = 120,000(1.03)^18
A = 120,000(1.622)
A = 194,640
Therefore, the population of the town in 2018 is approximately 194,640 people.