Question

Enrollment in a dance studio has grown exponentially since the studio opened. A graph depicting this growth is shown. Determine the percentage rate of growth.
0.25%
1.25%
2.5%
25%

Answer 1

Answer:

Option (4). 25%

Step-by-step explanation:

The graph attached shows the exponential growth.

Let the graphed function is y = $(1+\frac{r}{100})^{t}$

Here 'r' = Rate of growth

t = Duration of time in years

y = enrollments after time 't' years

Graph shows at time 't' = 0 or initially number of enrollments = 20

After 8 years number of enrollments will be

120 = $20(1+\frac{r}{100})^{8}$

$\frac{120}{20}=(1+\frac{r}{100})^{8}$

6 = $(1+\frac{r}{100})^{8}$

log 6 = $8\text{log}(1+\frac{r}{100})$

0.77815 = $8\text{log}(1+\frac{r}{100})$

$\text{log}(1+\frac{r}{100})$ = 0.0972689

$(1+\frac{r}{100})=1.251$

$\frac{r}{100}=0.251$

r = 25.1%

r ≈ 25%

Therefore, Option (4) will be the answer.