Use the exponential function you wrote for problem 5 to find the population of the town after 5 years. Show your work and round your answer to the nearest whole number.
To find the population of the town after 5 years, we will substitute 5 for the variable "t" in the exponential function and calculate the value.
Population = 1000 * e^(0.03 * 5)
First, let's calculate 0.03 * 5:
0.03 * 5 = 0.15
Now, let's calculate e^(0.15):
e^(0.15) ≈ 1.16183
Finally, let's multiply 1000 by 1.16183:
1000 * 1.16183 ≈ 1161.83
Rounding to the nearest whole number, the population of the town after 5 years is approximately 1162.