Math Problem Statement
The hourly wage of of workers was raised once a year and grew exponentially from $8.508.50 to $10.8810.88 in 10 years. What was the growth rate?
The growth rate was
Solution
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Math Problem Analysis
Mathematical Concepts
Exponential Growth
Algebra
Formulas
A = P(1 + r)^t
r = (A / P)^(1/t) - 1
Theorems
Exponential Growth Formula
Suitable Grade Level
Grades 9-12
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