Laurent invested some money in a bank account. The relationship between the elapsed time, t, in decades, since Laurent invested the money, and the total amount of money in the account, Mdecade(t), in dollars, is modeled by the following function:
Mdecade(t)=4900(1.05)t
Complete the following sentence about the yearly rate of change in the amount of money in the account. Round your answer to two decimal places.
Every year, the amount of money in the account increases by a factor of