Question

What is the growth factor of the following example? Assume time is measured in the units given. Water usage is increasing by 3% per year. A. 3 per year c. 1. 03 per year b. 0. 03 per year d. 103 per year.

Answer 1

(c) 1.03 per year

Explanation:

The relationship between "growth factor" and "growth rate" is ...

growth factor = 1 + growth rate

growth factor = 1 + 3% = 1.03