Evaluating a Real-World Exponential Model

At the beginning of this section, we learned that the population of India was about $1.25$ billion in the year 2013, with an annual growth rate of about $1.2\%.$ This situation is represented by the growth function $P\left(t\right)=1.25{\left(1.012\right)}^t,$ where $t$ is the number of years since $2013.$ To the nearest thousandth, what will the population of India be in $\text{2031}?$

OpenStax, Algebra and Trigonometry 2e · §6.1 Exponential Functions · Example 4