Greetings
Step-by-step explanation:
1.
When trying to find the weekly rate, we need to simply divide the t by 52:
P = [tex]120(1.016)^{\frac{t}{52} }[/tex]
2.
To find the weekly growth rate, we need to recall one of the indicies laws:
[tex]a^{bc} = (a^{b})^{c}[/tex]
So the [tex]120(1.016)^{\frac{t}{52} }[/tex]
Can be rearranged to:
[tex]120(1.016^\frac{1}{52} )^{t}}[/tex]
Which gives the result:
120 x ([tex]1.016^\frac{1}{52} = 1.0003[/tex]
120(1.0003)[tex]^t[/tex]
Or 120( 1 + 0.0003)[tex]^t[/tex]
So the weekly growth rate is 0.0003 x 100 = 0.03
So it is 0.03%
Hope this helps!