The equation is an illustration of an exponential equation
The percent of change is 8%
How to determine the percent of change
The equation is given as:
[tex]y = 1.08^x[/tex]
An exponential equation is represented as:
[tex]y =ab^x[/tex]
By comparison:
[tex]b = 1.08[/tex]
If b is greater than 1, then we have:
[tex]b = 1 + r[/tex]
Where
r represents the rate or percentage change
So, we have:
[tex]1 + r = 1.08[/tex]
Subtract 1 from both sides
[tex]r = 0.08[/tex]
Express as percentage
[tex]r = 8\%[/tex]
Hence, the percent of change is 8%
Read more about exponential functions at:
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