Given the following exponential function, identify whether the change represents growth or decay, and determine the percentage rate of increase or decrease y = 550 (1.075) x

It is growth and the percentage rate of increase is 7.5%

Step-by-step explanation:

The exponential equation is as follows;

y = 550 (1.075) ^x

Now, I can identify that the exponential equation is that of growth.

This is because what is in the bracket i. e can be represented as 1 + 0.075

The 0.075 represents the margin of increase as we move on from one value to another

The percentage rate can be gotten by expressing 0.075 as a percentage

That would be expressing is as a fraction

This is just 7.5/100 which means what we have is 7.5%