Problem 57
Question
Nigeria has a growth rate of 0.025 or \(2.5 \% .\) Describe what this means.
Step-by-Step Solution
Verified Answer
The 0.025 or \(2.5\%\) growth means that Nigeria is increasing at that percentage rate annually.
1Step 1: Understand what growth rate is
A growth rate is a measure, in percentage, of the increase in size or numbers of something over a specific period of time.
2Step 2: Interpret the given growth rate
Here the growth rate of Nigeria is stated as 0.025 or \(2.5\%. This means that for whatever entity being measured - be it population, economy, employment rate, etc. - Nigeria is increasing at a rate of 2.5% per year. So, if we start at 100, after one year, the measurement would be 102.5, indicating a 2.5% increase.
Other exercises in this chapter
Problem 57
Solve each logarithmic equation in Exercises \(49-92 .\) Be sure to reject any value of \(x\) that is not in the domain of the original logarithmic expressions.
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View solution Problem 58
Solve each logarithmic equation in Exercises \(49-92 .\) Be sure to reject any value of \(x\) that is not in the domain of the original logarithmic expressions.
View solution