Answer
There are around $12.3$ billion pounds of cheese produced in the United States in 2015.
Work Step by Step
2015 is 12 years after 2003 so $x=12$.
Substitute 12 to $x$ in the given equation to have:
$\\y=8.6(1.03)^x
\\y=8.6(1.03)^{12}
\\y=12.26154363
\\y\approx 12.3$
