The exponential function y = 10 (1.01)³ is a growth function
Why is it a growth function
A growth function refers to a mathematical formula or model that represents the growth of a quantity over time or under specific conditions.
An exponential function is termed a growth function when the base function, in this case, the factor 1.01 is greater than 1, and raising it to the power of 3, indicates repeated growth over three periods.
If the factor were less than 1, it would represent decay function
The factor that has the exponents is what is used to determine a growth or decay function