the population of a town is 6,000 and is increasing at a rate of 3% each year.
To calculate the population of the town each year, we can multiply the current population by 1.03 (since it's increasing at a rate of 3% each year).
Year 1: 6,000 * 1.03 = 6,180
Year 2: 6,180 * 1.03 = 6,361.4
Year 3: 6,361.4 * 1.03 = 6,545.39
... and so on.