$$y = 1 + \frac{\mathrm{d}y}{\mathrm{d}x} + \frac{1}{2!}\left(\frac{\mathrm{d}y}{\mathrm{d}x}\right)^2 + \frac{1}{3!}\left(\frac{\mathrm{d}y}{\mathrm{d}x}\right)^3 +\cdots+\frac{1}{n!}\left(\frac{\mathrm{d}y}{\mathrm{d}x}\right)^n.$$
I solved it using the exponential expansion for $\exp\left(\dfrac{\mathrm{d}y}{\mathrm{d}x}\right)$. My question is if it is right to say that the degree of the differential equation is 1?