A growth factor of 1.01 corresponds to a growth rate of ______ %

Question

 A growth factor of 1.01 corresponds to a growth rate of _____ %

Answer 1

A growth rate of 1.01 means that at the end of

a growth period the new amount is 1.01 times

as much as the previous...

1 times would be no change.  More than 1 times

is a growth.  The growth is, as Kenneth said,

the factor of 0.01 

 

To find the percentage multiply by 100.

0.01(100) = 1%

 

The growth rate as a percentage is 1%

 

100% + 1% = 101%

 

Note:  101/100 = 1.01

Answer 2

1.01 corresponds to 101%