The amount of money hoarded away in Scrooge McDuck's Money Bin increases by $8 \%$ each year. What would the 1-year growth factor be? Preview

Step 1 ：The growth factor is a measure of how much a quantity increases or decreases over time. In this case, the quantity is the amount of money in Scrooge McDuck's Money Bin, and it increases by 8% each year.

Step 2 ：To find the growth factor, we need to convert the percentage increase to a decimal and add it to 1. This is because a growth factor of 1 would mean no change, so an increase of 8% would correspond to a growth factor of 1.08.

Step 3 ：Final Answer: The 1-year growth factor would be \(\boxed{1.08}\).