Pavlo invested some money in a bank account. The relationship between the elapsed time, ttt, in months, since Pavlo invested the money, and the total amount of money in the account, M(t)M(t)M, left parenthesis, t, right parenthesis, in dollars, is modeled by the following function:
M(t)=1000⋅(1.01)t
Complete the following sentence about the monthly rate of change in the amount of money in the account.
Every month, the amount of money in the account

by a factor of
.