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Choice D is correct. Stating that the population will increase each year by 3% from the previous year is equivalent to saying that the population each year will be 103% of the population the year before. Since the initial population is 50,000, the population after t years is given by 50,000(1.03)^t. It follows that the equation 60,000 = 50,000(1.03)^t can be used to estimate the number of years it will take for the population to reach 60,000.

Choice A is incorrect. This equation models how long it will take the population to decrease from 60,000 to 50,000, which is impossible given the growth factor. Choice B is incorrect and may result from misinterpreting a 3% growth as growth by a factor of 3. Additionally, this equation attempts to model how long it will take the population to decrease from 60,000 to 50,000. Choice C is incorrect and may result from misunderstanding how to model percent growth by multiplying the initial amount by a factor greater than 1.