Answer:
a) 2%
b) 0.17%
Step-by-step explanation:
Exponential growth is modeled by the equation ...
y = a·b^x
where 'a' is the initial value, and 'b' is the growth factor.
When x is has units of time, the growth factor 'b' applies over 1 unit of x. The applicable growth factor for different units of time can be found using the rules of exponents applied to the equation written with x expressed in the different units.
The growth rate is related to the growth factor by ...
b = 1 +r . . . . where r is the growth rate
r = b -1 . . . . solved for r
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Your equation is ...
V = 300(1.02^t)
where t is expressed in years. Then the corresponding annual growth rate is ...
b = 1.02
r = b -1
r = 1.02 -1 = 0.02 = 2% . . . annual rate of growth
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When the equation is written so that t is expressed in months, it becomes ...
V = 300(1.02)^(t/12)
V = 300(1.02^(1/12))^t
Now, the growth factor (per month) is
b = 1.02^(1/12)
and the monthly growth rate is ...
r = 1.02^(1/12) -1 ≈ 1.00165158 -1 = 0.00165158
r ≈ 0.17% . . . . monthly rate of growth
