The population of a particular city is given by the function P(t) = 27, 400(1.07), where t is the time in years, and P(t) is the population after t years. What is the current population, the percentage growth rate, and the population size (rounded to the nearest whole person) after 5 years? Hint: Percentage Growth Rate = r * 100, in A = A₁ (1 + r)³. 27,400, 7% semi-annually, and 38,650 27,400, 10.7% annually, and 45,550 27,400, 70% semi-annually, and 95,900 O 27,400, 7% annually, and 38,430

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