In a factory, the production of scooters rose to 46305 from 40000 in 3 years. Find the annual rate of growth of the production of scooters.

Explanation

To find the annual rate of growth of the production of scooters in a factory, we can use the formula for compound interest. The formula is:

\[ A = P \left(1 + \frac{R}{100}\right)^N \]

Where:
- \( A \) = the amount after time \( N \) (final value)
- \( P \) = the principal amount (initial value)
- \( R \) = the annual rate of growth (which we need to find)
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