Question

Find the monthly growth rate as a percentage given this exponential function: f(t)=5,400(1.021)^t​

Answer 1

The monthly growth rate is 2.1%

Explanation:

To find the monthly growth rate, we have to consider what is inside the bracket

Mathematically, what we have in the bracket should be written as;

1 + r

Thus;

1 + r = 1.021

r = 1.021-1

r = 0.021

This is same as 2.1%