The population of a small town can be modeled by the
exponential function P = 14,512(1.03) where t is the number
of years after 2005. What is the significance of the value
14,512?
Each year, the population increases by 14,512.
There will never be more than 14,512 people in the
town.
There are 14,512 people in the town in 2005.
There are 14,512 people in the town today.

There are 14,512 people in the town in 2005.

Step-by-step explanation:

we have

This is a exponential growth function

where

P is the population of a small town

t is the number of years after 2005

1.03 is the factor growth

14,512 is the initial value ----> That means, is the population of the small town in the year 2005

therefore

There are 14,512 people in the town in 2005.

i would need to see the dot plot : )