Answer:
c. 1.03 per year
Step-by-step explanation:
Growth factor is the factor by which a quantity multiplies itself over time. If the growth rate is 3% per year, the usage is being multiplied by 1.03 each year.
Answer:
c. 1.03 per year
Step-by-step explanation:
We use the formula: [tex]Present (1+growth rate)^{time}[/tex]
Water usage is increasing by 3% per year.
So, growth rate is 3% or 0.03
So, the growth factor in 't' years will be :
present value x (1.03)^t
Means per year the growth factor will increase by 1.03.
