Question

Leander planted 100 acres with soybeans and he plans to increase his field size by 3% each year. What is the growth factor?

Answer 1

We are given that the rate of growth is:

`0.03.`

Now, recall that the growth factor is:

`1+rate\text{ of growth.}`

Therefore, the growth factor is:

`1+0.03=1.03.`

Answer:

`1.03`