Question

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A website's views were increasing exponentially at a rate of 14% per year. What was the monthly growth rate? Enter your answer, rounded to the nearest tenth of a percent, in the box.

Answer 1

14% per year
14% /12 = 1.2% is the monthly growth rate

Answer 2

Monthly growth rate = 1.2 %

Explanation:

We have been given that the website's views were increasing exponentially at a rate of 14% per year.

When converted to decimal, it becomes

Rate = 14% = 0.14 annually

Now, in a year there are 12 months. Hence, in order to find the monthly growth rate, we can divide the rate by 12.

Therefore,

Monthly growth rate = 0.14/12 = 0.011667 = 1.1667 %

Rounded to the nearest tenth, the rate is

Monthly growth rate = 1.2 %