Answer:
The growth factor b is 1.04
Step-by-step explanation:
we know that
In this problem we have a exponential function of the form
[tex]y=a(b^x)[/tex]
where
y ---> is the number of students enrolled at a college
x ----> the number of years
a is the initial value or y-intercept
b is the growth factor
b=(1+r)
r is the rate of change
we have
[tex]a=15,000\ students[/tex]
[tex]r=4\%=4/100=0.04[/tex]
[tex]b=1+0.04=1.04[/tex]
therefore
The exponential function is equal to
[tex]y=15,000(1.04^x)[/tex]
