Given the exponential growth function f ( x ) = 79 ( 1.0035 )^x

Question

Given the exponential growth function f(x)=79(1.0035)^x

What is the initial value of the function?

What is the growth factor, or growth rate of the function (as a percent)?

Answer 1

The initial value of the function occurs at x = 0, so:

f(x) = 79 * 1.0035^x

f(0) = 79 * 1.0035⁰

= 79

The growth rate of the function is the 1.0035 value (since it's the value that is raised to x), which is in the form 1 + percent rate, so:

1.0035 = 1 + 0.0035

And as a percent:

0.0035 * 100 = 0.35%