9514 1404 393
Answer:
Step-by-step explanation:
The number with the exponent is 1+0.023/4 = 1.00575. This number is greater than 1, so represents growth.
When x increases by 1, the multiplier of 800 increases by ...
1.00575^4 ≈ 1.023199 = 1 + 2.3199%
Rounded to the nearest tenth percent, this is a 2.3% growth rate.
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<em>Additional comment</em>
The formula corresponds to a financial formula in which a 2.3% annual interest rate is compounded 4 times per year. The effective annual interest rate is almost 2.32% per year. The difference is there, but is too small to see when the interest rate is rounded to a tenth percent.
