Percentage growth of the expression

Question

(400)(1.009)^y

 

What is the percentage per year?

Enter only positive value

Answer 1

This information looks like a partial statement of Future Value, which is Future Value = Present Value (1 + rate)t
where rate = annual percentage increase


The rate is the value shown inside the parentheses, namely 0.009 or 0.9%

 

to obtain a value, it is necessary to have a value for y, which is the number of years

 

as an example, if y = 1, then we get 400(1.009) = 403.60