Answer: 97% growth rate.
Explanation:
Hi, to answer this question we have to analyze exponential function:
A = P (1 + r) t
Where:
p = initial value
r = growth or decay rate (decimal form)
t= number of time intervals
A = value after t intervals
Replacing with the values given:
y=3400(1.97)^x
Where the term 1.97 = 1 + r
Solving for r:
1.97-1 = r
0.97 =r
Since the rate is positive, it is a growth rate.
To determine the percentage we have to multiply it by 100
0.97 x 100 = 97%
Feel free to ask for more if needed or if you did not understand something.