Answer
The function represents exponential growth and the rate of growth is $10\%$
Work Step by Step
The given function is
$\Rightarrow y=15(1.1)^t$
$\Rightarrow y=15(1+0.1)^t$
The function is of the form
$y=a(1+r)^t$, where $1+r>1$.
So, it represents exponential growth.
Growth factor is
$\Rightarrow 1+r=1.1$
Subtract $1$ from each side.
$\Rightarrow 1+r-1=1.1-1$
Simplify.
$\Rightarrow r=0.1$.
$\Rightarrow r=10\%$.
Hence, the function represents exponential growth and the rate of growth is $10\%$
