The growth factor is 1 more than the growth rate. Here, the growth rate is 1.5%, so the growth factor is 1 + 0.015 = 1.015. This is the base of the exponential term. Each year that passes causes the balance to be multiplied by this factor, so the exponent is the number of passing years.
Step-by-step explanation: 8 times 7 =56 and 8 times 4= 32. our fraction is 32/56. divide 32 by 56 to make out a decimal= 0.57. Multiply 0.57 by 100 to make out a percent = 57%
