Answer: Growth factor will be 0.15 and percent increase will be 15%.
Step-by-step explanation:
Since we have given that
the exponential growth function
[tex]y=235(1.15)^x[/tex]
1) We need to find the growth factor :
As we know the formula for "Compound Interest ":
[tex]A=P(1+\frac{r}{100})^x[/tex]
If we compare the formula with our given equation, we get
[tex]1+\frac{r}{100}=1.15\\\\\frac{r}{100}=1.15-1\\\\\frac{r}{100}=0.15\\\\r=0.15\times 100\\\\r=15[/tex]
So, the growth factor is at the rate of 0.15.
2) Percent increase will be
[tex]0.15=\frac{15}{100}\times 100\\\\=15\%[/tex]
Hence, growth factor will be 0.15 and percent increase will be 15%.
