Answer:
18500 is the initial value
Every year they increase by a factor of 1.03
Explanation:
This is written in the form
y = ab^x where a is the initial value and b is the growth rate/decrease
y = (18500) (1.03)^t
The initial value is 18500
The students will increase by 1.03 - 1 = .03
The factor of increase is what they multiply by which is 1.03