Exponential functions take the form of y = a * b^x; where a is the base; b is the growth or decay factor, and x is the time elapsed.
To create a model with this data, we can use the 5655 as a, b is 1.014 (1.4% +1), and x is the exponent. To figure out part b, use the same formula, but substitute in 12 in for x to find the population to be ≈ 6,682 residents.