Answer: Exponential growth. The growth rate is 6%
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Step-by-step explanation:
The general form of an exponential function is
y = a*b^x
where 'a' is the initial starting amount and b helps determine if we have exponential decay or exponential growth, and how much of it.
We have a = 330 as the initial amount. Since b = 1.06 is larger than 1, this means we have exponential growth. If 0 < b < 1, then we would have exponential decay.
Solving 1+r = 1.06 leads to r = 0.06 = 6%, showing we have a growth rate of 6%
This means that if we started with say 100 people, and the population grew by 6%, then at the end of the time unit (say 1 year), then we'd have 106 people.