Answer
$P(t)=40(1.03)^{t}$
Work Step by Step
We define our variables as
$P(t)=\text{Population of animals}$
$t=\text{Time in years}$
Since the growth started with $40$ animals, in our model,
$a=40$.
The growth rate $r$ is $3\%=0.03$
We can find the base using the formula
$b=1+r$
$b=1+0.03=1.03$
Exponential model is of the form $P(t)=a\cdot b^{t}$
Therefore, our model is $P(t)=40(1.03)^{t}$
