Population Growth Calculation

A small town has a population of 1,000 people. The population is growing at an annual rate of 5%, modeled by the formula:

$$ P(t) = 1000(1.05)^t $$

where $$ P(t) $$ is the population after $$ t $$ years. How many people will live in the town after 2 years? Enter your answer in the grid below.