Question

A population grows with an annual growth rate of 16.3 % per year. (a) what is the monthly growth rate?

Answer 1

Given that a population grows with an annual growth rate of 16.3% per year.

The monthly growth rate is obtained as follows:

Let the monthly growth rate be i, then


`\left(1+ i \right)^(12)=1+0.163 \\ \\ \Rightarrow1+i=(1.163)^{(1)/(12)}=1.01266 \\ \\ \Rightarrow i=1.01266-1=0.01266`

Therefore, the monthly growth rate is 1.3%