Question

Twenty years ago a small town in Texas had a population of 10,000. The population has increased 8% each year since then. What is the growth factor that would be used to solve this problem? a. The growth factor would be 8 b. The growth factor would be 0.08 c. The growth factor would be 1.08 d. The growth factor would be 0.92

Answer 1

the growth factor would be 1.08

Answer 2

Answer: c. The growth factor would be 1.08 .

Explanation:

The exponential growth model is given by :-

`f(x)=A(1+r)^n`, where A is the initial value, r is the rate of growth and n is the time period.

Also, the growth factor = 1+r

Given: The rate of increase of population = 8%=0.08

Now, the growth factor =
`1+0.08=1.08`

Therefore, the growth factor would be 1.08.