The population of the state of New New York is given by an exponential function R=R(b) which has the formula
R is measured in millions, b is time measured in years since 1990.
1. What is the population in 1990?
2. What is the yearly growth factor for R?
The yearly growth factor is 1.08. ( & )
3. What is yearly percentage growth rate for R?
Growth Rate is 1.08; yearly growth percentage is 1.08 - 1 = .08 = 8%
4. What is monthly percentage growth rate for R?
Since yearly growth is .08, .08 / 12 would be .006, so about .6% per month
Thanks in advance!