So, after a year, the population will be
23 000*1.02 (which is 23460 people).
And after two years it will be:
23460*1.02, which is 23930 people. Another way of writing it is
23000*1.02*1.02
so we can generalize: the population of the town, y= 23 000*[tex]1.02 ^{x} [/tex]
where x is the number of years passed
