We are given the function: \(\displaystyle{y}={3}{\left({1.88}\right)}^{{t}}\)

The function is in the form: \(y=a(1+r)^t\), where 1+r>1

Thus the function represents exponential growth. Using the growth factor 1+r, we find the rate of growth r: 1+r=1.88

r=1.88-1

r=0.88=88%