Answer:
a) 73.52%
b) Regular membership is growing faster
Step-by-step explanation:
a) r(t) = r0·1.047^(12t) . . . . regular members after t years, where r0 is the initial value of regular members at t=0.
Equivalently, this is ...
r(t) = r0·(1.047^12)^t ≈ r0·1.7352^t
This shows the effective annual growth rate for regular members is 73.52%.
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b) The 74% yearly growth rate of regular members is higher than the 65% yearly growth rate of VIP members. Regular membership is growing faster.
