What is the formula for converting monthly growth rate to annual growth rate?

vt33
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Hello, my problem is:

Let Q(t) = 8(0.87)^t

Find the annual and daily growth rate.
Can anyone tell me how to set this up? I don't want you to show me the whole problem, just the 1st step. Thanks a ton!
 
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what units does t have? years?
 
units

t=months in the equation
 
Ok so how many t in a year? How many t in a day? Just sub those relationships back into the equation and you got your answers.
 
?

OK, this is what I tried. 8(0.87)^12 and I get 1.50425. I also tried 8(0.87)^(1/12) and I get 7.46. I also tried using 0.13 in replace of 0.87. As you can see, I have tried everything I can think of and tried to manipulate this all I can. Am I using the right numbers? Or, am I setting up the equation incorrectly?
 
Think about how to convert months to years. t months * 1 year/12 months = t years. I hope I didn't lose you when I multiplied by that constant. I'm saying your second formula is right.
 

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