Question

The function for finding the population growth in Mayertowne is given by f(t) = 120(1.15)^t.

Answer 1

The formula for population growth is written as $f(t) = a(b)^t$ , where t is the growth factor.

And the formula for growth factor is b = 1+r , where r is the rate of increase

So for our question

b = 1.15

that implies

1+r = 1.15

subtract 1 from both sides

So , r= 0.15

So to change in percent , multiply by 100

we get

r= 15%

rate of increase = 15%