Answer:
- function: P=120(1.016^1/52)^52t
- weekly growth rate: 0.03%
Explanation:
The function could be rewritten a couple of ways. We could leave t defined as the number of years, and rewrite the function as ...
P = 120(1.016^(52/52t)) = 120(1.016^(1/52))^(52t) . . . matches one answer choice
Or, we could redefine t to be time in weeks and rewrite the function as ...
P = 120(1.016^(t/52)) . . . . matches another answer choice
Either way, the weekly growth factor gets evaluated to be ...
1.016^(1/52) ≈ 1.0003053
This corresponds to a weekly growth rate of 0.03053%