The total amount of money in a savings account after t years is given by the function A = 1000(1.023) How could this function be rewritten to identify the monthly interest rate?
What is the approximate monthly interest rate?
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Monthly interest rate
Function
120
0.19%
0.23%
0.31%
A = 1000(1 +0.023) 224
A = 1000 (1.0232)
A = 1000(1.023 :)