Section: Math

61) The population (x) of town (y) since 2000 can be estimated by the equation x=1.0635z+3,250, where z is the number of years since 2000 and 0<z<20. In the context of this equation, what does the number 1.0635 most likely represent?

1. The estimated population of town (y) in 2000.
2. The estimated population of town (y) in 2017.
3. The factor by which the population of town (y) has grown annually.
4. The factor by which the population of town (y) has decreased annually.