The general form of an exponential equation is:
y = a·(1+rate)x
Hence 1.12 = 1 + rate
Solve for the rate. Note that the rate is positive for exponential growth and negative for decay.
Kwvin P.
asked • 04/08/21What is the rate of increase in this function: y = 15(1.12)^x ?
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2 Answers By Expert Tutors
The Compound Interest formula is: A = A0(1 + r)rt where r is the rate and t is time.
Rewrite the 1.12 in your equation as 1 + .12. The rate is 12%.
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