It is an exponential function if you express the final according to time in relation to the original, but the growth rate is not itself exponential. A matter of semantics.
Reductively, the function is f(t) = (1.03)^t - which is an exponential function.
It is an exponential function if you express the final according to time in relation to the original, but the growth rate is not itself exponential. A matter of semantics.
Reductively, the function is f(t) = (1.03)^t - which is an exponential function.
True, just a lot slower than f(t)=1.03t^2 so it's a slower burn.