Give the growth rate (%) that corresponds to a growth factor of 1.031?

Answer 1

Growth "factor" means, we need to multiply the initial value with growth factor to find out the final value.

final value = initial value * growth factor

To find the percent growth rate, we need to find out how much growth we get for an initial value of 100:

final value = 100 * 1.031 = 103.1

Then the growth is 103.1 - 100 = 3.1 growth per hundred, in other words 3.1%.

Answer 2

If a quantity increased by a factor of 1.031, its final value is 103.1% of its initial value, so it increased by 3.1%.