The population of a particular city is given by the function P(t) = 27,400(1.07)t, 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 = A0(1 + r)t