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A population grows by 6.1% each year. By what percentage does it grow each month? (Round your answer to two decimal places.)

 Mar 28, 2020
 #1
avatar+1948 
+1

Each month it grows 6.1/12, so about 0.51%

 Mar 28, 2020
 #2
avatar
+1

Population growth is exponential. So 6.1% annual growth should be: 1.061^(1 / 12) =1.0049465 - 1 x 100=0.495 % per month.

 Mar 28, 2020
 #3
avatar+1948 
+1

You're right, Guest! My mistake.... Thanks for pointing me out!

 

But you have to round to two decimal places, so it will be 0.50.

CalTheGreat  Mar 28, 2020
edited by CalTheGreat  Mar 28, 2020
 #4
avatar+23541 
+1

1.0611= (1+r)12

1.004956 = 1+r

rmonthly =.004956      = ~~.50 %

 Mar 28, 2020
 #5
avatar+115 
0

the answer was .49. 1.06^1/12=1.004867551-1=.0048675506x100=.4867550565 rounds to .49. sad thanks anyway!

 Mar 29, 2020
edited by Shaezy  Mar 29, 2020

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