Answer:
Step-by-step explanation:
In the exponential form of an equation, the growth or decay rate is found inside the parenthesis. The standard form of an exponential equation is
[tex]y=a(1+r)^x[/tex] if it's growth, or
[tex]y=a(1-r)^x[/tex] if it's decay.
Looking at those equations, logically a growth equation is greater than 1, while a decay equation is less than 1. Obviously, our function is a growth.
To determine the rate of growth, we look closely at (1.115) inside the parenthesis. BECAUSE that is greater than 1, we KNOW it is growth, therefore, it follows the (1 + r) pattern. Let's break up our (1.115) so it models that pattern:
(1.115) --> (1 + .115) and since these are percentages in their decimal form, it follows that 1 is 100% and .115 is 11.5%. Our growth rate is 11.5%
