Answer:
6% growth
Step-by-step explanation:
The equation =
A = 2300(1.06)⁷
What does 0.06 represent in the equation?
The formula for Exponential growth =
y = a (1 +r)^t
Where
y = Size after time t
a = Initial size
r = Growth rate in Percentage
t = Time t
Equating both Equations together
y = a (1 +r)^t = A = 2300(1.06)⁷
1 + r = 1.06
r = 1.06 - 1
r = 0.06
Converting to percent
r = 0.06 × 100
r = 6% growth rate
