The given formula for growth is:

$P_n = 115 (1.07)^n$

The term $1.07$ in the formula represents the growth factor, which is $1 + r$, where $r$ is the growth rate expressed as a decimal. From this:

$1 + r = 1.07$

Solving for $r$:

$r = 1.07 - 1 = 0.07$

To express $r$ as a percentage:

$r = 0.07 \times 100 = 7\%$

Final Answer:

The growth rate ($r$) is 7%.

Would you like further details or have any questions? Here are five related questions to expand on the concept:

1. How would you calculate the value of $P_n$ for a specific value of $n$?
2. What happens to $P_n$ as $n \to \infty$?
3. How does changing the growth rate $r$ affect the growth factor and $P_n$?
4. How is the growth formula applied in real-world scenarios, like investments or population growth?
5. What is the doubling time for this growth rate?

Tip: To convert a growth factor to a growth rate, subtract 1 and multiply by 100 to get the