Question

Mary opened a savings account that compounds interest yearly. She deposited money only when she opened her account. The

amount, A (t), in Mary's account t years after it was opened is given by the equation A (t) = 530 (1.002)^t. What is the growth
factor of this function?

Answer 1

`\mathfrak{\huge{\orange{\underline{\underline{AnSwEr:-}}}}}`

Actually Welcome to the concept of growth rate.

Answer is D. 1.002

Since, it has power t for the growth rate to increase.