Solution:
An exponential function is generally expressed as

Given that in a research study, a colony of penguins had a population of 20,000.
This implies that

Substitute the value of a into equation 1.
Thus,

One year later, it had a population of 21,200. This implies that when t equals 1, we substitute the values of 21200 and 1 for y and t respectively into equation 2.
This gives

Substitute the obtained value of b into equation 2.
Thus, the expression that best models the population is

Assuming the colony grows at the same rate, the population of the colony after 4 years is evaluated by solving for y when the value of t is 4.
Thus,

Hence, after 4 years the population of the colony will be 25250 penguins (nearest whole number).