Question

What is the growth factor of the following example? Assume time is measured in the units given.

A diamond mine is depleted by 1% per day.
a.
1.01 per day
c.
0.99 per day
b.
0.01 per day
d.
99 per day

Answer 1

9514 1404 393

Answer:

c. 0.99 per day

Explanation:

The growth factor is 1 more than the growth rate. Here, the growth rate is -1% per day, so the growth factor is ...

1 -1% = 1 -0.01 = 0.99 . . . per day