State the growth factor in each of the following situations.
Canada's population is increasing by 1% per year.
How do I calculate this?
I think Im supposed to use this formula, but I don't know where to plug in what.
tn = ar^n-1
hat does 1% annual growth mean? It means that in year n+1, the population pop(n+1) = 1.01 * pop(n)
Looks like r = 1.01