A population is increasing 4% per year. Identify the growth factor that could be used to model the population.

The growth factor that could be used to model the population will be 1.04. Then the correct option is D.
Consider the function:
y = a (1 ± r) ˣ
Where x is the number of times this growth/decay occurs, a = initial amount, and r = fraction by which this growth/decay occurs.
If there is a plus sign, then there is exponential growth happening by r fraction or 100r %.
If there is a minus sign, then there is exponential decay happening by r fraction or 100r %.
The population is increasing by 4% per year.
Then the growth factor that could be used to model the population will be
Growth factor = (1 + 4%)
Growth factor = (1 + 0.04)
Growth factor = 1.04
The growth factor that could be used to model the population will be 1.04.
Then the correct option is D.
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