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

Shaezy Mar 28, 2020

#2**+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.

Guest Mar 28, 2020

#3**+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

#4**+1 **

1.061^{1}= (1+r)^{12}

^{1.004956 = 1+r}

r_{monthly }=.004956 = ~~.50 %

ElectricPavlov Mar 28, 2020