It is growing at a rate of 9%.
The exponential equation is in the form
f(x) = a*(1+r)ˣ, where a is the initial value, r is the growth rate written as a decimal number, and x is the number of time periods. 1.09 is in the place of 1+r; this means r = 0.09 or 9%. Since we have a number greater than 1, it is increasing.
