Answer: The change represents growth with 89% of growth rate.
Step-by-step explanation:
The exponential function is given by :-
[tex]f(x)= Ab^x[/tex]... (i)
Where , A = initial value , b= multiplicative factor and x= time period
The given function : [tex]y = 940(1.89)^x[/tex].
By comparing this to (i) , we get
b= 1.89 > 1 , thus it represent the growth.
Also,
[tex]b= 1+r\Rightarrow\ 1.89 = 1+r\\\\\Rightarrow\ r=1.89-1=0.89[/tex]
i.e. Percentage rate of growth = 0.89 x 100 = 89%.