Answer: c. 1.09
Step-by-step explanation:
The exponential growth equation is given by :-
\(f(x)=A(1+r)^x\), where A is the initial amount , r is the rate of growth and x is the time period.
Here growth factor = 1+r
Given: The Initial value = $13,000
Rate of growth = 9%=0.09
Then, the exponential growth equation for the given investment will be
\(f(x)=13,000(1+0.09)^x\\\\\Rightarrow\ f(x)=13,000(1.09)^x\)
Here , the growth factor = 1.09
