The population of mastertown is 23,000 in 2012.
Assume that the increase of the population has a rate of 2% increase annually. Writing an equation model will help us find the number of population in the coming years. Here is the equation model using the geometric sequence formula.
An = A1 * r^(n-1)
Population = starting population 2012 * 0.02^[(year - 2012) - 1]