Two math students were asked to write an exponential growth equation that had a starting value of 300 and a growth rate of 2%. P
ierre thinks the answer is y= 300 (1.02)x and Scott thinks that the answer is y= 300 (1.2)x Are either of them right and why?
1 answer:
Answer:
Pierre is right
Step-by-step explanation:
The correct formula for Exponential growth rate is given as:
y = a( 1 + r) ^t
Where
y = Amount after time t
a = Initial amount
r = Growth rate
t = time
From the question
a = 300
r = 2% = 0.02
Hence, our exponential growth rate =
y = 300( 1 + 0.02)^t
y = 300( 1.02)^t
Therefore, Pierre is right
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