Final answer:
The growth factor of Star City is calculated by converting the rate of increase to a decimal and adding it to 1, resulting in a growth factor of 1.023.
Step-by-step explanation:
The growth factor of Star City with an annual rate of increase of about 2.3% can be calculated as follows:
Identify the percentage of growth as a decimal by dividing the percentage by 100, which would be 2.3/100 = 0.023.
Add this decimal to 1 to find the growth factor: 1 + 0.023 = 1.023.
Therefore, the growth factor of Star City is 1.023.