Question

A population grows with an annual growth rate of 16.3 % per year. (a) what is the monthly growth rate?

Answer 1

Given that a population grows with an annual growth rate of 16.3% per year.

The monthly growth rate is obtained as follows:

Let the monthly growth rate be i, then

$\left(1+ i \right)^{12}=1+0.163 \\ \\ \Rightarrow1+i=(1.163)^{\frac{1}{12}}=1.01266 \\ \\ \Rightarrow i=1.01266-1=0.01266$

Therefore, the monthly growth rate is 1.3%