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The percentage change each year is 2%

Step-by-step explanation:

Generally, we can have an exponential equation written as;

f(t) = I( 1 + r)^t

where f(t) is the value at a certain time

I is the initial value at t = 0

r is the growth rate

t is the time we are looking at

Thus, we have it that;

1.02 = 1 + r

r = 1.02 -1

r = 0.02

So, let us write 0.02 as a percentage

We have this as 2/100 which is the same as 2%

The percentage change each year is 2%

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step-by-step explanation:

15

step-by-step explanation: