y = 45,121,040×1.027^t
An exponential growth equation is generally of the form ...
value at time t = (initial value)(growth factor)^t
where the growth factor is the multiplier for a period equal to one time unit.
Here, the initial value (in 2014) is 45,121,040. The growth factor is given as 1.027 (2.7% added per year), and we can define t as the number of years after 2014. Then our equation is ...
y = 45,121,040×1.027^t . . . . where t = years after 2014