An exponential function can represent growth or decay
The percent rate of change represented by a growth factor of 1.15 is 15%
How to determine the rate of change
The growth factor is given as:
b = 1.15
Given that the growth factor is greater than 1, the percent rate of change (r) is calculated as:
r = b - 1
So, we have:
r = 1.15 - 1
Evaluate the difference
r = 0.15
Express as percentage
r = 15%
Hence, the percent rate of change represented by a growth factor of 1.15 for an exponential function is 15%
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