He population of a particular town is given by the function P(t) = 1,200(1.05)2t, 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) in 7 years? Hint: Percentage Growth Rate = r ⋅ 100 in A = A0(1 + r)t (4 points)

1,200, 5% annually, and 1,689
1,200, 50% semiannually, and 20,503
1,200, 10.5% per year, and 2,414
1,200, 5% semiannually, and 2,376