Question

Bob opened a new furniture store, and his daily sales are modeled by f(x) = 1000(1.15)x. Determine the rate of growth.

1000%
115%
15%
85%

Answer 1

15% I took the test and got it right

Explanation:

Answer 2

Answer: 15%

Explanation:

We know that the exponential growth equation is given by :-

`y=A(1+r)^x`, where A is the initial amount , r is the rate of growth and t is the time period. (1)

Given : Bob opened a new furniture store, and his daily sales are modeled by
`f(x) = 1000(1.15)x` (2)

Comparing (1) and (2), we get

`1+r = 1.15`

Subtract 1 from both sides , we get

`r=0.15`

In percent ,
`r=0.15*100=15\%`

Hence, the rate of growth. = 15%